Question 1 Suppose you own a DVD rental where you currently renting 28 DVDs per day at a price of $17 per book. However, if you were to increase the price to $26, then you would sell 34 DVDs per day. a. Using the midpoint formula, calculate the price elasticity of demand for DVDs. Show all your workings. (4 marks) a. In this price range is the demand for your DVDs elastic/inelastic/unit elastic? Explain how you know this. (3 marks)