system
Given the following post, respond as if you're commenting on Reddit:
human
Elasticity

Why does elasticity become less than 1 as we go down the demand curve? In which part of the demand curve are people more sensitive to an increase in price and why?
gpt
The first of something you really want is great! You’d pay a lot for it. But the more you get, the less big a difference each additional one makes. On a hot day, you might pay plenty for a water bottle, but would pay less for 2 bottles, 3 bottles etc. When you’ve already bought many of something, you are more sensitive to changes in price.