Summarize the differences between elastic and inelastic collisions based on their properties.
1️⃣ Kinetic energy is conserved in elastic collisions but not in inelastic collisions
2️⃣ Momentum is conserved in both elastic and inelastic collisions
3️⃣ Elastic collisions have no permanent deformation, while inelastic collisions do
4️⃣ Examples of elastic collisions include billiard ball collisions, while inelastic collisions include explosions