Own price elasticity is a measure used to capture the •sensitivity of consumers demand for a good or service in response to changes in the price of that particular good or service. Goods with elasticities less than one in absolute value are inelastic or price insensitive. Goods with elasticities greater than one in absolute value are elastic or price sensitive. Cross price elasticity measures the interaction or the •sensitivity of demand for a particular good to changes in the price of another good. When the cross price elasticity is positive, the two goods are substitutes, when it is negative the goods are complementary.Income elasticity measures the sensitivity of demand •for a good to changes in individual or aggregate income levels.AIR TRAVEL DEMAND ELASTICITIES