The questions to follow are based on the Converse, Chuck Taylor, All Star Sneakers introduced see attached image   Q.1 - Explain the concept of price elasticity using the example of the sneakers. Q.2 - Would the Converse All Star sneaker be considered, elastic pricing or inelastic pricing, justify your answer? Q.3 - The price of a product plays two major roles in marketing, explain each role, using examples related to the Converse All Star sneaker.

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