Question

If the quantity demanded of a good does not change much when the price changes the good is relatively

Answer 1

Price elasticity of demand is a concept which doesn't seem to be worth too much,... like: ' cigarettes sales aren't very affected by price changes because they're... you can use elasticity to figure out if raising or lowering the price is a good idea... it means changing the price will result in a huge change in quantity demanded. how is that answer.?