Whenever a natural disaster, like a hurricane, occurs, we see examples of elasticity arise all over the place. For example, when Hurricane Harvey struck Houston, there was a resulting gas shortage which drove up the price of gas for a time. With that in mind, many people began to make plans. As soon as I knew Harvey might hit Houston, I went and got gas. (I did that every day till prices started to rise.)
Therefore, knowledge and time both effect how I respond to price changes. Since I had an expectation that the price of gas would rise drastically, I was able to prepare for that price rise.
What is an example in your life where elasticity shows up?
How does time play into how responsive you are to a price change?
What does knowledge and expectations do for that responsiveness?