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

Elasticity of demand is a fundamental concept in economics, particularly in energy economics and planning, as it provides valuable insights into how changes in price or other factors influence the quantity demanded of a good or service. In simple terms, elasticity measures the responsiveness of demand to a change in price or income. When discussing energy economics, it primarily refers to the sensitivity of energy consumption in relation to price changes or policy shifts.

The price elasticity of demand (PED) is a measure of how much the quantity demanded of a good changes in response to a change in its price. It is calculated as the percentage change in the quantity demanded divided by the percentage change in price. If the absolute value of the elasticity is greater than one, the demand is considered elastic, meaning consumers are sensitive to price changes. If it is less than one, demand is inelastic, meaning price changes have little effect on consumption. A perfectly _________ ________ ______ _______ ______.
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