The following two scenarios are independent of one another.
Definitions:
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.
Elastic
A description of a good's demand or supply that indicates a high sensitivity to changes in price, where a small change in price leads to a larger change in quantity demanded or supplied.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater or less than one indicating the degree of responsiveness.
Quantity Demanded
The specific amount of a good or service consumers are willing to buy at a given price, holding other factors constant.
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