Elasticity microeconomics questions

OL 1. Explain the determinants of price elasticity of demand. 2. A businessperson wants to increase her revenues. Explain why knowledge of price elasticity of demand would be useful. 3. Explain the concept of income elasticity of demand. 4. Using income elasticity of demand, explain the difference between normal, necessity and inferior goods. Paper 1, full question - HL & SL 1. a) Explain the concept of elasticity of demand. b) Using real-world examples, discuss why it may be important for a firm to have knowledge of price elasticity of demand