Question 1 Presented below is the table related to box of envelopes price and quantity demanded: Box Of Envelopes Price 3 $ 3.50 S 5$ 6 $ Quantity Demanded 500 450 300 250 a) Calculate the Mid-Point of Quantity and the Mid-Point of Price when price increases from 5$ to (40 points) (10 points for calculation, 10 points for correct answer) 6S. b) Calculate the Price Elasticity of Demand using the Mid-Point Method. (20 points) (10 points for calculation, 10 points for correct answer) (10 points) c) Is Demand for envelopes Elastic, Unit Elastic or Inelastic? Explain why.