Examlex
Why do we use inferential statistics?
Price Elasticity
An indicator of the sensitivity of consumer demand for a product to variations in its price, demonstrating how significantly the quantity of the good demanded changes in response to price fluctuations.
Quantity Supplied
The quantity of a product or service that manufacturers are prepared to offer for sale at a certain price during a defined time frame.
Inelastic
A characteristic of a good or service whose demand does not significantly change with a change in its price.
Perfectly Elastic
A situation in economics where any small change in the price of a good or service will result in an infinite amount of change in the quantity demanded or supplied.
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