ANSWER REQUIREMENT 2 ONLY

Q1.) Based from the Demand and Supply Schedule below, (1) Find the Price Elasticity of Demand and Supply using Point Elasticity Formula (all points, i.e from Points A to B, B to C, and so on.) Can the result suggest that the product in question is a necessity or a non-basic good? Tip convert your answers to whole numbers and absolute value. Schedule of Demand Schedule of Supply Points Price Qd Points Price Qs 5 65 A 65 4 70 B 4 61 75 C 57 moOWE - NW 80 D HNW 53 85 E 49 (2) Derive the Demand and Supply Functions for the said schedules, identify what will be the quantity demanded and quantity supply if the price went up to 6