Price Elasticity on the Supply & Demand Curve Name: 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 RE D 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: mp://www.youtube.c0m/watch'?v=lmr4ocj 1. Why is calculating elasticity important for businesses? 2. Write the formula for elasticity (hint: longformula on left side ofthe whiteboard). 3. Is an elastic product greater, equal, or less than 1'? 4, What does unit elastic mean? , In the rst 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 aer he nds 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 8 bars per week to 5. Show all work and explain what the outcome means to a business!! (hint: refer to the above video process first 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)