Define Elastic demand!???
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Elastic demand is when a product or service's demanded quantity changes by a greater percentage than changes in price. The opposite of elastic demand is inelastic demand, which is when consumers buy largely the same quantity regardless of price.
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Answer:
A good's price elasticity of demand is a measure of how sensitive the quantity demanded of it is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others.
The elasticity of demand, or demand elasticity, refers to how sensitive demand for a good is compared to changes in other economic factors, such as price or income. It is commonly referred to as price elasticity of demand because the price of a good or service is the most common economic factor used to measure it.