based on your readings from week 4 materials could you briefly explain and share thoughts on the issue without getting lost in details

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Just recently, your classmate asked you “You do remember professor talked about “the concept of elasticity” today, right? I do understand what the formal definition is, but I do not have any clue as to its real life implications, who cares about it and why?; Could you give me an example in such a way illustrates how you understood (in layman’s terms)? For instance, let’s pretend that I am a CEO of American Airlines, why should I pay attention to elasticity?”

Based on your readings from Week 4 materials, could you briefly explain and share thoughts on the issue without getting lost in details?

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