Elastic and Inelastic demand:

Elastic demand is when a little change in price results in a dramatic change in the amount demanded, whereas inelastic demand is when even drastic price changes produce little or no change in the amount purchased.

Elastic Demand
Elastic demand is very sensitive to price change; if price increases, then the quantity demanded reduces drastically, and vice versa.

Goods and services with numerous substitutes (such as electronics, designer labels, or discretionary goods) typically have elastic demand.

When it comes to the elasticity coefficient, if the result is more than 1 based on the formula: (percentage change in quantity demanded/percentage change in price), demand is elastic.

Inelastic Demand
Inelastic demand implies that consumers’ buying behavior is not greatly influenced by price changes; if the price goes up, quantity demanded does not fall much, and when the price falls, the quantity demanded does not increase much.

Products that are necessities or products with no close substitutes (like drugs, staple foods, or utilities) normally have inelastic demand.

When the coefficient of elasticity is less than 1, the demand is inelastic, which reflects a lesser change in the quantity demanded even for greater price changes