You are talking to your parents or grandparents. During the conversation, you tell them that theprice elasticityof Housing is 0.12 and Restaurant Meals is 2.27. The numbers don't make any sense to them, and they ask you to explain what the numbers mean. Explain what the two numbers mean in layman terms.

You are convinced that changes in income levels and changes in prices of goods and services lead to changes in consumer choices. Explain with an example howchanges in your incomeandchanges in the pricesof an item lead tochanges in your choices.