Final answer:
Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. Based on this information, the specific formula for your baby to drink would most likely be considered inelastic. Inelastic products are those where the quantity demanded or supplied does not change significantly in response to changes in price.
Step-by-step explanation:
Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. Elastic demand or supply curves indicate that quantity demanded or supplied respond to price changes in a greater than proportional manner. An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. A unitary elasticity means that a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.
Based on this information, the specific formula for your baby to drink would most likely be considered inelastic. Inelastic products are those where the quantity demanded or supplied does not change significantly in response to changes in price. In the case of a specific baby formula, parents often have a strong desire to provide the best nutrition for their child, so the demand for a specific formula may remain relatively constant, even if the price changes.