The given condition which relates elastic nature of demand with its prices is known as price elasticity of demand.
It is well known in the market functioning that when prices vary, the demand may subject to vary with it. But if there is not much change in demand, it is called as inelastic demand. It is so when the quality of the product is well appreciated by the customers and they wish to pay premium prices to maintain the quality and efficacy of the products which they use.
Generally, customers pay more stress on the quality of the products and their warranty and ease of repairs more than what was earlier assumed to be that is price, appearance and brand.
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