Consider the market for diamonds, characterised by the following demand equation: Qd= 1500000-50p. Furthermore, suppose that the supply curve is horizontal so that diamonds are only supplied when P=2500 . What is the elasticity of demand at the equilibirum price and quantity? Is demand elastic or inelastic? Group of answer choices Elasticity = -0.09 and demand is inelastic Elasticity = -0.09 and demand is elastic Elasticity = -1.09 and demand is inelastic Elasticity = -1.09 and demand is elastic