"Calculating elasticityDraw a set of coordinate axes on a piece of graph paper. Label the horizontalaxis from 0 to 50 units and the vertical axis from $0 to $20 per unit. Draw a demand curve that intersects the vertical axis at $10 and the horizontal axis at 40 units. Draw a supply curve that intersects the vertical axis at $4 and has a slope of 1. Make the following calculations for these curves, using the midpoint formula:a.What is the price elasticity of demand over the price range $5 to $7?b.What is the price elasticity of demand over the price range $1 to $3?c.What is the price elasticity of supply over the price range $10 to $15?d.What is the price elasticity of supply over the price range $15 to $17"