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Infer the relevance of Elasticity of Demand and Elasticity of Supply in Economy. What is the importance of elasticity? How can different degrees of elasticity

Infer the relevance of Elasticity of Demand and Elasticity of Supply in Economy.

What is the importance of elasticity? How can different degrees of elasticity have different impact?

Explain with the help of any two practical examples from economy (Canadian economy/any other economy).

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