Mame: Directions: Complete the questions below by referring to the corresponding information or websites located above each question set (A-C). Answer the questions electronically in RED / text or hand write the answers, scan the document, and upload it in this assignment box. A. Watch this 8 minute video clip about demand and answer the questions below: http:/www.youtube.com/watch?1=Imr4-ocHiLA 1. Why is calculating elasticity important for businesses? 2. Write the formula for elasticity (hint: long formula on left side of the whiteboard). 3. Is an elastic product greater, equal, or less than 1? 4. What does unit elastic mean? 5. In the first example that the teacher walked you through, he found after his calculations that the outcome was elastic. What would this mean for a business owner? (hint: he Explains this after he finds out it is elastic) B. Draw a graph AND calculate the price elasticity of the demand for chocolate bars if the price goes from $2 to $3, causing you to change your weekly consumption from $ bars per week to 5. Show all work and explain what the outcome means to a business!! (hint: refer to the above video process furst before completing this section) C. Draw a graph AND calculate the price elasticity of the supply for concert tickets if the price goes from $50 to $60, causing you to change your weekly consumption from 10 tickets per week to 15. Show all work and explain what the outcome means to a business! (hint: refer to the above video process first before completing this section)