The mechanism for the first-order reaction 
in the presence of I(aq) is proposed to be: Step 1: 
(slow)
Step 2: 
(fast)
Identify the catalyst in the reaction.
Definitions:
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, demonstrating the sensitivity of consumers to price changes.
Quantity Purchased
The total number of units of a product or service bought by consumers in a specified period.
Price Elasticity
The evaluation of demand's reaction to fluctuations in the price of a particular good.
Responsiveness
The degree to which a variable responds to a change in an underlying factor, often used in economic contexts to describe changes in supply, demand, price, etc.
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