Question 1 Use the following demand schedule to answer the question parts below. Point Price Quantity Demanded Quantity Supplied A $10 150 975 B $9 200 C 800 $8 230 650 D $7 260 500 E $6 275 410 $5 300 300 G $4 320 200 H $3 350 150 $2 400 120 $1 500 100 a) Calculate the arc elasticity of demand between each point and its neighbor (that is, from A to B. B to C, etc.) and determine whether each value is price elastic, price inelastic, or unit elastic b) Calculate the arc elasticity of supply between each point and its neighbor (that is, from A to B, B to C, etc.) and determine whether each value is price elastic, price inelastic, or unit elastic c) Calculate the arc elasticity of demand between A and F, A and D, and A and B and determine whether each value is price elastic, price inelastic, or unit elastic d) Calculate the arc elasticity of supply between A and F, A and D, and A and B and determine whether each value is price elastic, price inelastic, or unit elastic