Elasticity of Demand and Supply Define the following (i) Price elasticity of demand, income elasticity of demand and cross price elasticity of demand (2) If the cross-price elasticity of demand between two goods A and B is positive, select the right answer (a) A and B are substitutes (b) A and B are complimentary goods (3)What factors result in low price elasticity of demand (4) If the price elasticity of demand is very high for the good produced by your company, Your company wants to raise revenue, what will be your recommendation to the company: lower the price or raise the price