Question: 2. Different elasticities lead to different decisions. (4 pts) 1) What is elasticity of demand? Give me an example of elastic demand and inelastic demand,

2. Different elasticities lead to different decisions. (4 pts) 1) What is elasticity of demand? Give me an example of elastic demand and inelastic demand, elaborate your answer. 2) What is elasticity of supply? Give me an example of elastic supply and inelastic supply, elaborate your

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