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(a) Give an example of a good that has an elastic demand. What is the value of the price elasticity if demand is elastic? (b)

(a) Give an example of a good that has an elastic demand. What is the value of the price elasticity if demand is elastic?

(b) Give an example of a good that has an inelastic demand. What is the value of the price elasticity if demand is inelastic?

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