What is the difference between less elastic and more elasic? and which is better?
Price elasticity is calculated as the (%change in quantity)/(%change in price). Substitute income for price and you would have income elasticity. Substitute the price of some other good and you would have a cross-price elasticity, etc.
We say something is elastic if the elasticity, in absolute values, is greater than one. Inelastic otherwise.
In general, you cant say one is better than the other; they are simply empirical measures. However, for many economic policies, the policy maker would prefer that something be elastic, or be inelastic.