The concept of elasticity refers to the sensitivity of a product's demand to changes in its price. It can be used to calculate how much sales of a product will be influenced by a change in its price. The coefficient of elasticity is a metric that indicates how much the quantity of a product demanded changes in response to changes in its price. The elasticity coefficient is a negative number, with values ranging from -1 to infinity, with higher values indicating greater price sensitivity.A study conducted by the University of Aberni discovered that the elasticity coefficient was -2. This means that the quantity demanded of a product will decrease by 2% for every 1% increase in price. Alternatively, for a 1% price decrease, the quantity demanded will increase by 2%.A similar study conducted by the University of Georgia discovered that the elasticity of a product's demand varied based on the product's price. Products that were priced higher had a higher elasticity coefficient, indicating that price changes had a greater impact on sales than products priced lower. Products with a lower price, on the other hand, had a lower elasticity coefficient, indicating that price changes had a lesser impact on sales.