Define the terms price elasticity of demand and income elasticity of demand.

What is the meaning of the following terms:

Inelastic good-give an example

Elastic good- give an example

Unit elasticity

Normal good- give an example

Inferior good- give an example

A good is produced by a firm operating under perfect competition. How can information on price elasticity and income elasticity be used when pricing the good?

How could the tax authorities utilize this information when taxing goods?