A bit late here, but elasticity simply tells you how much the quantity demanded is affected by price. For instance, for an inelastic good, a large spike in price won't decrease the quantity demanded all that much. Inelastic goods are usually goods that people really need and goods that don't have many substitutes. Elastic goods are exactly the opposite, where even a slight change in price changes the quantity demanded dramatically. Luxury goods with many substitutes are usually elastic.
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