Ceiling and floor functions have practical applications in various fields, particularly in financial calculations where fractional values, like pennies, arise. These functions help in rounding numbers to ensure fairness in transactions, balancing outcomes for both customers and sellers. In some cases, unethical practices can exploit these rounding methods to accumulate profits unfairly. The discussion highlights the importance of understanding these mathematical concepts due to their widespread use in real-world scenarios. Overall, ceiling and floor functions play a crucial role in ensuring equitable financial practices.