Using relevant examples from an economy or business that you are familiar with, discuss how the following economic concepts is useful to business managers and public sector representatives. a. Accurate data on the elasticity of demand for specific goods and services in an economy is important to the public sector representatives.

Explain why and how this data can be used for decision making?

b. Data on Price Elasticity of Demand (PED) is important to the producers of the good. Explain why and how this data can be used for decision making?

c. Data on Cross Price Elasticity of Demand is important to the business. Explain why and how data this can be used for decision making?