Please select only one of the two discussion questions below and provide a thoughtful 250+ word response to all of the questions (250 words total, not for each section). Please separate your answers by the parts of the question. It makes it easier to see your specific response to each part. NOTE: This is a POST FIRST discussion board. That means you can see responses by your classmates ONLY after you post your response. Your first post counts, so if it's blank - that's what you will be graded on. You cannot go back and edit your posts after you submit it. The reason this for this is that I want each of you to thoughtfully develop your own response. But then, I want you to be able to see what other students think about the same topics as you. It's helpful to learn from our peers. OPTION #1- Price Elasticity 1. In your own words explain price elasticity. Focus on explaining the difference between products that have elastic demand and those that have inelastic demand. 2. What types of products typically have inelastic demand? Why? 3. What types of products typically have elastic demand? Why? 4. For the following products, indicate if your demand for the product is elastic or inelastic and why. O Having a car (all car prices have increased 30% - elastic or inelastic?) Home internet service (all service providers have doubled their prices - elastic or inelastic?) 0 College courses (all schools have doubled their prices - elastic or inelastic?) . Cold and flu medicine (all products have tripled their prices - elastic or inelastic?)