Identify the relevant elasticity concept for the given event. Then, compute the measure of elasticity using average prices and quantities in your calculations. In all cases, assume that these are ceteris paribus changes. (Type integers or decimals rounded to two decimal places as needed.) Part 2 a. When the price of concert tickets is reduced from $14.00 to $12.00, ticket sales increase from 1200 to 1450. The relevant concept is price elasticity of demand . This measure of elasticity is 1.23. Part 3 b. As average household income in Canada increases by 10 percent, annual sales of BMWs increase from 55 comma 000 to 68 comma 000. The relevant concept is price elasticity of demand income elasticity of demand price elasticity of supply cross elasticity of demand . This measure of elasticity is enter your response here