Discuss the concept of elasticity demand and its usefulness for the society.

Elasticity of demand refers to the responsiveness of the quantity demanded of a good or service to a change in its price. It is an essential concept in economics, helping to measure how sensitive consumers are to price changes. In energy economics and planning, understanding demand elasticity is crucial as it influences how energy consumption reacts to fluctuations in energy prices, which can have significant implications for both consumers and the broader economy.

There are two main types of elasticity of demand: price elasticity of demand (PED) and income elasticity of demand (YED). PED measures how the quantity demanded changes in response to changes in the price of a good or service, while YED measures how demand changes with changes in consumers' income. _______ _____ ______ __________ _______ _____ _____ _____.
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