Elasticity of demand; An elastic product is one in which the quantity demanded changes significantly when prices increase or decrease (Zhu et al., 2018).  A good’s price elasticity of demand is a measure of how sensitive the quantity demanded is to its price. In other words, increasing the price decreases the quantity of a product demanded, and the reverse is true. It is common when purchasing relatively inexpensive products. A product is considered inelastic when the quantity demanded changes only slightly following fluctuation in prices (Zhu et al., 2018). This means price change has minimal effects on the demand for a product. It is common when purchasing relatively expensive products.

Hemberger is an example of products that I purchase regularly. If Hemberger’s price increased by 25 percent, my reaction would be to reduce the number of times I purchase it. Buying a Hemberger for 25 percent more would be difficult as it does not match the value. Therefore, I would instead use the money to purchase other things than eat a Hemberger. I consider my response to be elastic. This is because the increase in the price of a Hemberger lowered the number of times, I would purchase it. Elasticity of demand 
A car is an example of a product that I purchase less frequently. If the price of a car increased by 25 percent, this would not bother me at all. This is because I would have nothing to lose nothing owing to the fact that I purchase cars less frequently. I would consider my response to this case, inelastic. This is because the change in prices does not in any way affect my purchasing behavior. In other words, if I wanted to buy a car and found that the price had gone up by 25 percent, I would still buy it.

Elasticity of demand refers to the degree in the change in demand when there is a change in another economic factor, such as price or income.