1. What is the formula for calculating elasticity? 2. What is the price elasticity of demand? Can you explain it in your own words? 3. What is the price elasticity of supply? Can you explain it in your own words? Q4: From the data shown in Table 2 about demand for smart phones, calculate the price elasticity of demand from: point B to point C, point D to point E, and point G to point H. Classify the elasticity at each point as elastic, inelastic, or unit elastic. Points P Q $5 3,000 B 70 2,890 85 2,600 D 90 2,400 E 105 2,300 110 2,000 G 125 1,900 H 130 1,600 Table 2. Q5 From the data shown in Table 3 about supply of alarm clocks, calculate the price elasticity of supply from: point J to point K, point L to point M, and point N to point P. Classify the elasticity at each point as elastic, inelastic, or unit elastic. Point Price Quantity Supplied $7 50 $9 75 $10.5 80 M $11 90 N $12.5 95 P $13 103 Table 3