5. Use the demand diagram below to answer this question. Note that P X Q equals 33900 at every point on this demand curve. $ 180 120 90 20 30 40 50 so 120 130 INhich of the following statements correctly describes the price elasticity of demand,forthis demand curve? I. Demand is unit elastic at aprice of $60, and elastic at all prices greater than 3360. II. Demandis unit elastic at aprice of $60, andinelastic at all prices less than 3360. III. Demandis unit elastic for all prices. Possible answers: a) I and II only. b} I only. c) I, II and III. d) III only. Explain in a sentence or two how you arrived your answer. Iust picking a letter will earn you 1 point