. What does "inelastic demand" formally mean? In addressing this part of the question, please make sure to explain the concept of the price elasticity of demand using a simple formula and by providing a short narrative (15 points). Suggested response length: two paragraphs. . Policymakers are encouraging people to conserve energy in response to the growing energy crisis. Discuss the positives (pros) and negatives (cons) of providing subsidies to consumers in this situation by contrasting subsidies to other potential approaches (such as price ceilings and energy blackouts) (15 points). Suggested response length: two paragraphs