Determine if the demand for the following products is price elastic or price inelastic, and explain your answer.

3.Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in each of these specific cases:•Gasoline as a commodity•Gasoline sold at a local gasoline station•Hotel rooms for people planning a vacation•Hotel rooms for people on business to meet an important client4.Define the Law of Demand and the Law of Supply. Give an example for each.