After completing the assigned readings and watching the relevant lecture videos, discuss the the different measures of elasticity presented in the assigned readings. You will need to identify and describe at least 3 different measures of elasticity. Provide an example of a good or service with inelastic demand and another good or service with elastic demand. What factors caused the difference in elasticity between the 2 goods. Provide a detailed analysis of why a business owner must consider price elasticity of demand/supply, income elasticity of demand/supply, cross price elasticity, etc while making pricing and output decisions