5. Elasticity ( _____/5) a. Give three reasons why the demand for some goods are elastic and others are inelastic. In your response, define elasticity and inelasticity and give examples of each. Lastly, EXPLAIN how the total revenue test can be used to determine if a demand curve is elastic or inelastic. Use two graphs with numerical examples in your response. ( ____/5) b. Explain the different between cross-price elasticity of demand and income elasticity of demand. Explain the different between positive and negative coefficient values for each. Lastly, EXPLAIN an example of a product with elastic supply and one with inelastic supply ( _____/5)