Answer:
See below
Step-by-step explanation:
Price elasticity of demand describes how responsive the product of a product is to changes in its price. The term elasticity originates from elastic, which means to stretch. A product is price elastic if a small change in price has a significant impact on its demand. Should the price increase by a small percentage, the demand decreases by a considerable difference.
The demand for some products does not react to changes in prices. A small percentage increase or decrease in price does not result in a big change in the quantity demand. Such products are said to be price inelastic.
Substitute goods or goods with close alternatives are the most price elastic. A small change in price will make consumers consider the other alternatives. Examples of price-elastic goods and services include transport services, furniture, motor vehicle, and professional services such as lawyers, doctors, and auditors.