If a product's price increases by 75% and volume sold drops only by 15%, is it fair to assume it's fairly inelastic to changes in price? What is an acceptable range (for us to say the product's volume sold is sensitive to price? (eg if volume decreases by 25%? or 50%?)
According to your statements, would the case above shows price elasticity (i.e. fairly elastic instead of fairly inelastic)?