Examlex
Genetic components do not contribute to an individual's sensitivity to basic tastes.
Midpoint Method
A technique used in economics to calculate elasticity by averaging the percentages of change in both quantity and price.
Price Elasticity
A gauge for assessing how the demand or supply levels of an item react to price alterations.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in income.
Inferior Good
A good for which a rise in income decreases the demand for the good.
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