respond to this discussion Elasticity of demand is a concept in economics that describes how responsive the quantity demanded of a good is to changes in factors like its price or income. In simpler terms, it's a measure of how much people's buying habits change when the price of a good or their income changes. For example, let's say the price of a cup of coffee goes up by $1. If people still buy roughly the same amount of coffee, we'd say the demand for coffee is inelastic - it doesn't change much with price. But if people drastically cut back on their coffee purchases because of this price increase, we'd say the demand for coffee is elastic - it changes a lot with price. The same concept applies to changes in income. If people's income goes up and they start buying a lot more of a certain good, we'd say the demand for that good is income elastic