The Institute of Transport Economics produced a report (TOI, 2018) on the demand for new automobiles in Norway. According to their analysis, the market for plug-in hybrid electric cars (PHEVs) is the most price elastic segment of the passenger car market (with a price elasticity of demand estimated at -1.72). When considering the demand for gasoline cars, the corresponding price elasticity of demand was estimated at -1.08. In which of the two markets (plug-in hybrid electric cars and gasoline cars), would you anticipate to observe greater price volatility? Explain your answer, using relevant diagrams to support your discussion.