A) compare and briefly describe the similarities between the different measurements of elasticities below:

i) price elasticity of demand

ii) income elasticity of demand

iii) cross elasticity of demand

B) Based on ypur understanding of income elasticity, which firm will be more adversely affected by a downturn in the economy? give reason and support your choice

i) firm in the tourism sector or

ii) firm in the supermarket sector

C) Assume you are new firm waiting to enter a market. Based on your understanding of price elasticity of demand , which industry would you, ceterus paribus, have a greater chance of success if you priced your good/ services at a lower price compared to your competitior

i) an industry where demand for the good / service is price elastic or

ii) an industry where demand for the good /service is price inelastic

give reason to support your choice