Price Elasticity

Discuss with 300 minimum words
APA formatting
Citation Requirement: 2 scholarly, peer-reviewed sources properly cited and referenced.

Identify an elastic and inelastic good or service that you have recently purchased and explain why it is considered elastic or inelastic in terms of price and demand.
For the firm that provided the good or service you recently purchased, what does the elasticity of the good or service imply for some of its key decision-making activities, such as pricing, production, distribution, and global trade? Support your ideas with additional, authoritative, sources.

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