Explain the following concepts briefly:
(a) Price Elasticity of Demand
(b) Arc Elasticity of demand 

(a) Price Elasticity of Demand:
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the resulting value is greater than one, the demand for the good or service is said to be price elastic, meaning that a small change in price will lead to a proportionately larger change in the quantity demanded. If the value is less than one, the demand is said to be price ______ _____ ________ ___ _______ ______ ______ ______ ____ ____ _____.
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