The document discusses elasticity of demand, specifically price elasticity of demand. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. It describes different points on the demand curve where price elasticity is zero (perfectly inelastic), one (unitary), greater than one (elastic), less than one (inelastic), and infinity (perfectly elastic). The document also lists determinants of price elasticity of demand such as availability of substitutes, position in consumer's budget, and time period.