Define the concept of price elasticity of demand and calculate it for Emma's clothing item. a. Based on your calculation, determine whether the demand for this item is price elastic or inelastic. b. Explain the implications of the price elasticity value for Emma's Boutique in terms of pricing strategies and revenue generation. Q 2. Define the concept of income elasticity of demand and calculate it for Emma's clothing item. a. Based on your calculation, determine whether the demand for this item is income elastic or inelastic. What does this mean in terms of the sensitivity of customers' demand to changes in their income levels? b. Provide insights into how Emma can use this information to adjust her marketing and product offerings. Q 3. Define the concept of cross-price elasticity of demand and calculate it for Emma's clothing item. a. Based on your calculation, state whether Emma's clothing item and the clothing item of her competitor's boutique will be considered substitutes or complements. b. How can Emma utilize this information to make strategic pricing decisions and stay competitive in the market