3. Suppose the market for clean water was initially at equilibrium in Japan. However, the Japanese earthquake and resulting tsunami destroy stores of bottled water and bottled water plants as well as severely damage infrastructure that delivers clean water to Japanese households. How will the market of clean water in Japan respond to this change? 4. What is price elasticity of demand? Do you expect the price elasticity of demand for the following goods to be elastic or inelastic? Elaborate your answer. a. Beef and Chicken b. Haircare products available in the market. c. Apple Inc. products. d. Insulin for diabetes patients. e. Use of electricity.