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Concept of 'price elasticity' to a co-worker

How would you explain the concept of "price elasticity" to a co-worker?

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Price elasticity of demand is a measure of the percentage change in the quantity of a good demanded divided by the percentage change in its price. (thetimes100, 2009)

We can show this in a simple formula:
Price elasticity demand = percentage change in quantity demanded divided by percentage change in the price of the goods

Hence PEoD = (% Change in Quantity Demanded)/ (% Change in Price)
Hence we must ...

Solution Summary

Response discusses the concept of 'price elasticity' to a co-worker