Price elasticity of demand is a measure of how responsive the quantity demanded of a product is to changes in its price. It is calculated as the percentage change in the quantity demanded of a product divided by the percentage change in the product's price.
If the price elasticity of demand for a product is less than 1, then the product is said to be inelastic, meaning that changes in price have relatively little effect on the quantity demanded. If the price elasticity of demand is greater than 1, then the product is said to be elastic, meaning that changes in price have a relatively large effect on the quantity demanded.
The price elasticity of demand for a model depends on a variety of factors, such as the availability of substitutes, the level of competition in the market, and the income level of consumers. If there are many substitutes available for the model, then the price elasticity of demand is likely to be higher, as consumers can easily switch to other similar products if the price of the model increases. On the other hand, if there are few substitutes available, then the price elasticity of demand is likely to be lower, as consumers may be willing to pay a higher price to obtain the model.