Question: Please explain to me how I should answer the following 3 questions: 1. Why is it important to identify elastic and inelastic goods? 2. Why

Please explain to me how I should answer the following 3 questions:

1. Why is it important to identify elastic and inelastic goods?

2. Why do governments tax inelastic goods?

3. Identify five elastic and five inelastic goods and defend why they are elastic/inelastic.

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