Richa was buying a can of Pepsi and suddenly came across a thought that what elasticity does this commodity has?

Elastic demand

The correct answer is option 4: Elastic demand

Price elasticity measures the degree of responsiveness of a commodity to change in price. Elastic demand of a commodity indicates that a change in price results in a large change in quantity demanded.

For a commodity like Pepsi, the demand is generally considered to be Elastic demand. This is because the demand for non-essential goods, like soft drinks, tends to be sensitive to price changes. If the price of Pepsi increases, consumers may switch to other beverages or reduce their consumption, indicating that the demand is elastic.