1​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​. What is the difference between the price elasticity of demand and the income elasticity of demand? 2. List and explain the four determinants of the price elasticity of demand discussed in the chapter. 3. Pick a product -Describe if the product is luxury or necessity -Specify price elasticity of demand for the product (described in 1) as elastic or inelastic. Briefly explain why. I asked my professor a question for this assignment. This was he​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​r response- “Yes, you have to use the book, power points or outside source. Please add all the references to the assignment. You don’t need to use APA format.” The attached file has a link you will need to use in order to complete this assignment. The link is, “Elasticity and Its Application (Ch05)”. If you feel you need something else, please don’t hesitate to ask. I have other powerpoints as well that can be beneficial/helpf​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​ul.