Hi there!
I am having trouble with understanding price elasticity. First, is price and demand elasticity the same? Second, If you have low price elasticity, a change in price will have a small change in amount of customers. Does this mean that you can raise the prices a lot? And eventually, how much can you raise the prices (or how do you decide how much?) before you will lose too many customers? Similarly for high price elasticity, how do you decide how much it will make sense to lower the prices?