About 30 mins of thinking and a good night of sleep always do the job

its been 2 years, but how i understand it is that when a good has an inelastic demand this means that when the PRICE INCREASES the quantity demanded decreases less in percent. Meaning that producers can get away with increasing the price and still get more total revenue=profit. So now if the producers were to decide to drop the price, sure they would have a slight increase in quantity demanded, but its such a small increase its not worth it! You can think about it as a rubber band, inelastic demand is very static and the change in quantity demanded changes only slightly so producers can always increase the price without worrying too much that customers will lose interest, now in elastic demand, a slight change in price can cause for an extreme change in quantity, therefore its elastic. Inelastic goods are usually very vital and dont have many substitutes, for example insulin. elastic good are not essential and there are "infinitley many substitues" meaning that if for example a candy shop increases its prices even slightly upwards, for example chupachups increases from 2dollars to 3dollars, a lot of people will just go to the shop next door and buy their candy there for the original price of 2dollars, so in other words elastic goods have little price movement. i hope this helps.

But it is not. Thats the plot twist. It is about %, as for the simplest just remember that.