For the second question, how would you sketch a diagram. i don't quite understand the question or the meaning of "interpretation of result". can someone sketch the diagrams.

Elasticity Watch the video below and: 1. Explain the difference between inelastic and elastic demand 2. Sketch the diagram for each of the following. These do not need to have numbers or be too detailed. Just label the x and y axis and the type of curve you are drawing. Interpretation of Result Ed 1 means elastic demand (there are substitutes) Ed = 1 means Unit or unitary elasticity Ed = 0 means perfectly inelastic Ed = oo means perfectly elastic