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How does Price Elasticity Affect Demand and Supply?

In module 6 of our readings, we know that the law of demand is when high prices lead to a low quantity demanded but how do we determine how much of the quantity actually decreases? Elasticity can help determine this. Elasticity is the measure of the relationship between quantity demanded/supplied and another variable, like price. Price elasticity is the ratio of the quantity demanded/supplied and the price. The price elasticity of a product plays a big role in determining the pricing of a certain product. This helps company's decide the pricing of the product, so they get a better idea of how consumers will react to buy the product and help sellers know how much of the product to provide.

My question to you is what are the three categories that elasticity is divided into and how do they differ? How do these categories of elasticities affect the demand and supply of a product?

Source:https://www.economicsdiscussion.net/elasticity-of-demand/elasticity-of-demand-and-supply-with-diagram/16244