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Question 2: [15 marks] Calculate the elasticity of demand for each item below and state the type of elasticity the figures show. (8 Marks) Item Original New Original New quantity Elasticity Type of Elasticity Price Price Quantity demanded demanded Laptop 310 350 120 80 1 mark 1 mark Tea 3 2.8 100 102 1 mark 1 mark CDS 7 9 150 99 1 mark 1 mark Phone 1340 200 1000 1800 1 mark 1 mark Choose one of the items and give at least two reasons to explain the elasticity of demand for that item using relevant economic terms and concepts. (7 Marks)