Consider the change in demand of broadband internet as a function of the price compared to the demand for insulin as a function of price. Which is has a greater elasticity of demand and why? Are different people different with respect to elasticity of demand? What group of people might have a more elastic demand for broadband internet compared to another group? How does elasticity of demand affect pricing strategies when firms attempt to sell their product across different markets?

Provide a calculation example of Elasticity of demand for a product or service