wsx wsxazq University of Phoenix Material    Economics – DefinitionsComplete the following. Include your references using APA formatting.Write the definition for each of the following:Law of DemandLaw of SupplyPrice Elasticity of DemandMacroeconomicsMicroeconomicsIdentify 2 Products whose demand is price elastic.Identify 2 products whose demand is price inelastic.Which of the following graphs best demonstrates the law of demand?a) Ib) IIc) IIId) IVWhich of the following graphs best demonstrates the law of supply?a) Ib) IIc) IIId) IV  References