1. What is meant by the price elasticity of demand? How is it calculated? What does this particular calculation tell us? Explain the difference between elastic and inelastic. Provide a real-life example of a good or service and describe whether or not demand for this particular good is elastic or inelastic.2. Explain the concept of the price elasticity of supply. How is this key metric measured? Why is this meaningful? What factors impact the price elasticity of supply? Providea detailed discussion.3. When is demand perfectly inelastic? When is demand perfectly elastic? Explain the difference between these two terms. Provide examples. Describe the difference between a price effect and a quantity effect. Again, provide real-life examples in your discussion.4. What are property rights? Why is this concept important? Give an example.5. What is cross-price elasticity of demand? Why is this measurement helpful? What does this metric tell us?Each question is worth a total of 1 point. Questions will be graded in the following manner:0 Points:No reply or a poor reply with no factual support.0.25 Points:Some factual errors. A minor lack of understanding content.0.50 Points:Question understood and reply acceptable. Slight errors or issues with detail. Missing or incomplete information.1 Point A very well-written response with no factual errors.