Refer to Question 3 below or refer to the "Problems" section of Chapter 3 - Elasticity in the text which asks you to determine the elasticity for various items. Be sure to explain why you believe that the elasticity is what you say it is. Identify whether demand in the case of each of the following products is likely to be ineleastic, elastic or unit-elastic. a. a luxury item with many close substitutes b. an item that represents a large portion of consumers' incomes and has many close substitutes c. a necessity whose demand is being viewed in a short-run time frame d. a luxury item that represents a large portion of consumers' incomes Please do this before midnight of September 29, 2023. It is strongly suggested that you do not wait until the last day to post since something may come up on this date for you which will prohibit you from posting. Remember that this is the absolute latest date to post. You must start a thread before you can read and reply to other threads