Price elasticity of demand

The elasticity of a product, whether in the supply or demand sector, is determined by how sensitive the product is to a change in price.

Based on the above, choose a product from the market and answer the following. Reflect on a specific product for which a company follows this strategy successfully.

1. How, for the selected product, does the company manage to modify prices based on its different levels of elasticity through different moments or time of existence of the product?

2. Make sure to include a description of the product you selected.

3. Define the concept of "price elasticity" of product demand.