Note: Unexplained answers will NOT be graded An economist his estimated the demand equation of a certain product as Q-120-4P where P is the price unit and Qis the quantity demanded (in thousands) per year 1.Calculate the own price elasticity of demand of the product when its price goes from $20 to $25 per unit. 2. Give an interpretation of the value of the own price elasticity calculated in question 1 3. Using the demand equation Q-120-4P, calculate the own price elasticity when price is P-825. Is demand elastic, unit-elastic or inelastic at price P-825? Will you raise or lower price to increase rever 4. Using the demand erpation Q-120-41, determine the consumer surplus (CS) when price is $25 For the toolbar, press ALT-F10 (PC) or ALT+FN+F10 Mac