5. Use the demand diagram below to answer this question. Note that P X Q equals $900 at every point on this demand curve. S 180 120 90 20 30 '40 50 90 120 130 Which of the following statements correctly describes the price elasticity of demand, for this demand curve? I. Demand is unit elastic at a price of $50, and elastic at all prices greater than $60. [1. Demand is unit elastic at a price of $50, and inelastic at all prices less than $60. [11. Demand is unit elastic for all prices