According to Investopedia, Elasticity is a measure of a variable’s sensitivity to a change in another variable; most commonly, this sensitivity is the change in quantity demanded relative to changes in other factors, such as price.
First, define elasticity in your own words and then explain consumer demand elasticity as it pertains to:
Consumer demand elasticity related to goods we need, such as medication and gasoline for our cars.
Consumer demand elasticity for Luxury items such as expensive yachts and diamond rings.
Producer supply elasticity in critical situations such as recovering after a hurricane.
Comment on the initial posts of at least 2 of your classmates.

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