Why is the concept of elasticity important

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Question # 00343336 Subject Economics Topic General Economics Tutorials: 1
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In 2-3 paragraphs explain why is the concept of elasticity important? What does it tell economists? Choose an industry with which you are familiar and tell whether you would classify it as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elasticity, not demand elasticity.) Explain your answer using determinants of elasticity
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  1. Why is the concept of elasticity important

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