You will need to identify and describe at least 3 different measures of elasticity.

Provide an example of a good or service with inelastic demand and another good or service with elastic demand. What factors caused the difference in elasticity between the 2 goods.

Provide a detailed analysis of why a business owner must consider price elasticity of demand/supply, income elasticity of demand/supply, cross price elasticity, etc while making pricing and output decisions.

Use references