I love the way you elaborate your definition. Nice one sir.

Price elasticity of demand is the sensitivity of demand to a change in price. If demand is elastic, quantity demand is more sensitive to changes in price. For example, if price changes by 1%, quantity demanded the good or service changes by more than 1%. If demand is inelastic, quantity demanded is less sensitive to changes in price. For example, if price changes by 1%, quantity demanded the good or service changes by less than 1%. Elastic and inelastic demand is demonstrated in the graph below.