Give a concept of Elasticity and how consumer choices respond to the changes in prices of various products. what's a product or service that consumers purchased in the last year for which demand is relatively inelastic. What factors influenced the demand for the selected product or service was inelastic.

what is a product or service that can be purchased which is in high demand and is relatively elastic. what factors influenced the demand for the selected product or service was elastic.

Why such information concerning the price elasticity of demand would be of interest to the firms selling these products and services. Is it fair for firms to use information concerning the elasticity of demand for their products in their pricing decisions? How might they use this information in their pricing decisions?