the following questions in your initial discussion post: Briefly explain the concept of price elasticity of demand and supply. Identify why price elasticity of demand is important when it comes to business decisions. List and briefly explain the factors impacting price elasticity of demand. Explain how the revenue test can be used in elasticity calculations. Explain the difference between cross-elasticity of demand and income elasticity of demand. Describe why price elasticity of supply is different in the immediate time frame, the short run, and the long run