This document discusses the concept of elasticity in managerial economics. It provides examples of different types of price elasticity of demand including unitary elasticity, elastic demand, inelastic demand, perfectly inelastic demand, and perfectly elastic demand. For unitary elasticity, the example given is ice cream and beef, where a proportional change in price results in a proportional change in quantity demanded. Elastic demand is exemplified by bananas, where a small price change leads to a larger quantity change. Gasoline is used to illustrate inelastic demand, where a large price change produces only a small quantity change. Insulin and medicines are examples of perfectly inelastic demand, where any price change does not affect quantity. Finally, coal is