What Is a Market-Basket Analysis

question 42

Essay

What is a market-basket analysis?

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Definitions:

Price Elasticity

measures how much the quantity demanded of a good responds to a change in the price of that good.

Elastic

Refers to a situation where the demand or supply for a product or service significantly changes in response to price changes.

Coefficient

In algebraic expressions, it's the numerical or fixed quantity that comes before and multiplies the variable.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.