How would you determine the price elasticity of a tech product?

Instruction: Explain the concept of price elasticity and describe the steps you would take to measure it for a tech product.

Context: This question is designed to test the candidate's understanding of economic principles as they apply to pricing strategies in the technology sector. Price elasticity measures how sensitive the demand for a product is to changes in its price. Understanding this concept is crucial for setting prices optimally to maximize revenue and market share.