What is the difference between elastic and inelastic goods?

Question

What is the difference between elastic and inelastic goods?

Answer 1

A good or service is  elastic if a slight change in price leads to a drastic change in the quantity demanded or supplied. the products that are like always available in the market and a person may not necessarily need them in daily life. inelastic good or service is one in which changes in price witness only modest, small, changes in the quantity demanded or supplied, or none at all. These goods usually are necessary to the consumer in his or her daily life.

Answer 2

If the demand changes due to change in prices, these goods are called elastic goods. It doesn't matter that is it less elastic or more elastic. Less elastic goods comes in necessaries of life and more elastic goods comes in luxuries of life. But still we have some goods which demand doesn't change with change in price, these goods are called inelastic goods. Usually these goods are such necessities of life which we cant spare. e.g if some one consume 1 ltr petrol for home to office and office to home, then what ever would be the prices he will consume 1 ltr at any prices. so the demand doesn't change and this is called inelastic goods.

I hope this will clear your doubts.