a. Using the data TOUl'ld in Question 1, calculate the elasticity of demand and elasticity of supply at each price change in the market for gold picture frames using the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices. (2 marks 1 mark each for correct demand and correct supply elasticities) Price Quantity Demanded $45 1 00,000 $60 1 575,000 $95 1 ,430,000 $100 1,250,000 $125 1,195,000 $160 1,085,000 $185 900,000 $210 745,000 Elasticity of Demand Quantity Elasticity of Supplied Supply 645,000 740.000 865.000 910,000 1,195,000 1,750,000 1,925,000 2,100,000