The price elasticity of coefficient indicates

The price elasticity of coefficient indicates the consumer responsiveness to price changes. In other words, it measures the percentage change in quantity demanded of a product due to a percentage change in its price. A higher elasticity value means that consumers are more sensitive to price changes and will decrease their quantity demanded more in response to a price increase, while a lower elasticity value means that consumers are less sensitive to price changes and will only slightly decrease their quantity demanded in response to a price increase.