How does an increase in the price of a good typically affect its equilibrium price and the price elasticity of demand for that good, assuming all else is constant?

When the price of a good increases, it usually affects the equilibrium price and the demand for that good. The equilibrium price is where the amount of the good that consumers want to buy matches the amount that producers want to sell. If the price goes up, some consumers may decide to buy less of that good because it costs more, which means demand decreases. For example, if the price of ice cream rises, some people might choose to buy less or switch to a cheaper dessert, showing that the demand is elastic. In this way, higher prices can lead to a decrease in demand, which can affect the overall market dynamics.