2. Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows: PRICE (DOLLARS) DEMAND (MILLIONS) SUPPLY (MILLIONS) 60 14 22 80 20 16 18 100 18 120 20 16 a. Calculate the price elasticity of demand when the price is $80 and when the price is $100. b. Calculate the price elasticity of supply when the price is $80 and when the price is $100. c. What are the equilibrium price and quantity? d. Suppose the government sets a price ceiling of $80. Will there be a shortage, and if so, how large will it be?1. What is price elasticity of demand? Explain elastic and inelastic demand with relevant examples. Draw 5 special cases of price elasticity of demand