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Interpret elasticity of demand Question Consider the price-demand equation given by 6, 000 - X P = 1, 200 Find E(p), the elasticity of demand. Which of the following statements is true regarding E(6)? Select all that apply. Select all that apply: When p = 6, an increase in price will result in a decrease in revenue. When p = 6, an increase in price will result in an increase in revenue. O E(6) 1 which is inelastic.and quantity (0""). (5 points) Elasticity Use your answers in the supply and demand question above, to calculate the mid- point formula for the price elasticity of demand (two decimal places). (4 points) b. Using your answer in part a, is the price elasticity of demand elastic, inelastic or unit elastic? (3 points) P1 = 200, 0 1 = 300 P2 = 185, Q2 =330 State how you were able to determine if the price elasticity of demand is elastic, inelastic or unit elastic. (3 points) 2 decimalRefer to the following figure. A movement from point A to point B indicates P O an increase in demand. O an increase in quantity demanded. a decrease in quantity demanded. O a decrease in demand. D Question 14 Other things being equal, the relationship between price and quantity supplied is positive. non-existent. O negative. constant.Question 31 Not yet answered Marked out of 1.00 Flag question On national day, AA Gold shop offers 30% discount on gold jewellery, the demand for gold jewelleries are: O a. Unitary elastic demand O b. Perfectly inelastic demand O c. Inelastic demand O d. Elastic demandInterpret elasticity of demand Question Suppose that a product's price p and the quantity demanded m are related through the pricedemand equation 3 -l 4001) = 8,000. It can be shown that demand is inelastic forp