The price Elasticity of Demand

The price elasticity of demand is peoples responsiveness of quantity demanded (or consumption) when there is a change in price. Respond to the following: * Identify the determinants of the price elasticity of demand. Explain each one. * Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning. * Distinguish between a necessity and a luxury. * How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing? Your initial post should be a minimum of 300 words.