Explain the difference between elastic, inelastic, and unitarily elastic goods and services. Discuss whether consumers have an elastic, inelastic, or unitarily elastic demand for electric vehicles. Calculate the cross-price elasticity of demand of electric and gasoline-driven vehicles. If the price of electric vehicles decreased by 10% and the quantity of gasoline driven vehicles decreased from 10 million vehicles to 7.5 million vehicles, what is cross-price elasticity of demand? Determine whether electric vehicles and gasoline vehicles are substitute or complementary goods and explain your reasoning. Complete the table attached here (copy the table into your Word document). Determine the optimal number of employees Lightning Volt Automotive should hire and explain why. Capital, K Labor, L Output, Total Product of Labor q Marginal Product of Labor, MPL = Change in q / Change in L Average Product of Labor, Change in Product of PL = q/L 10 0 0 10 1 10 10 2 41 10 3 81 10 4 125 10 5 140 10 6 115 10 7 90