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Respond to the following in a minimum of 175 words: Define the concept of elasticity. Explain how a higher price and a lower price affect

Respond to the following in a minimum of 175 words:

  • Define the concept of elasticity.
  • Explain how a higher price and a lower price affect consumers and producers.
  • Share how the changes of price for an elastic good and an inelastic good you use regularly has affected your purchasing and lifestyle.

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