Help me put a response to this-An example of a good with relatively elastic demand is luxury watches. Luxury watches are non-essential items that typically have readily available substitutes and are subject to consumer preferences and discretionary spending. Overall, the relatively elastic demand for luxury watches highlights the importance for manufacturers and retailers to carefully consider pricing strategies, brand positioning, and consumer preferences to maintain competitiveness in the market. I think the demand for luxury watches tends to be elastic based on the Availability of Substitutes, Price Sensitivity, Income Elasticity, and Perceived Value. An example of a good with relatively inelastic demand is prescription medications for life-threatening conditions, such as insulin for diabetes treatment. These medications demonstrate relatively inelastic demand due to their medical necessity, lack of substitutes, low price elasticity, limited consumer choice, and often, insurance coverage. These factors make them less responsive to changes in price compared to discretionary goods or services