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Name one or two items in your life that you can't live without - inelastic, and those you would be willing to give up -

Name one or two items in your life that you can't live without - inelastic, and those you would be willing to give up - elastic.

Discuss price elasticity of supply and what it measures.

Give and example of a price ceiling and a price floor and discuss reasons why a floor or ceiling may be implemented.

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