Elastic Goods are those that have other substitutes such as Colgate toothpaste...You could substitute Colgate for Crest if it's a better deal. Another example would be Lays potato chips...You could always buy Old Dutch if there is a 2 for 1 sale!
Inelastic Goods are the staples the you live with everday and cannot live without. An example of an inelastic good would be milk...there is no other substitute for milk so you have to pay the price it is. Another reason you might purchase an inelastic good would be if you need it right away and won't be able to wait for the price to go down. If you need gas now you can't wait another two days for the price to go down or your car will not run!
Elastic and Inelastic Goods are everywhere!! ;)
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