After you graduate from university, you find a job in a companythat produces good X. You are working in a competitive market. Yourboss asks you to compute the price elasticity of demand, incomeelasticity of demand, cross-price elasticity of demand, and theprice elasticity of supply. The question is: how your boss willbenefit from computing each of these elasticities. Explain indetail with an example for each case.
I need the answer minimum 500 words.
