IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below). The term (including example) should be no more than 50 words.The following rubric is used to assess each term: 5 Points -Description of term (in your own words) 5 Points - Integration of example Term: price elasticity of demand (*** Instead using an example of this term, calculate the following: point X has a price of $15 and a quantity demanded of 15. Point Y has a price of $10 and a quantity demanded of 18)