The correct spelling of the name is "Elizabeth," and it is pronounced /ɪˈlɪzəbəθ/. The spelling "Elixyvetha" is incorrect and does not follow the standard English orthography. The symbol /ɪ/ represents the short "i" sound in "sit," while /z/ represents the "z" sound. The "th" is pronounced as /θ/ as in "thin," and the last syllable "-beth" is pronounced with a schwa sound /ə/ and a voiced "th" /ð/. It is important to use correct spelling and pronunciation to ensure clear communication.