Examlex
The ecological fallacy is the fallacy of making inappropriate inferences.
Midpoint Formula
In economics, it is often used to calculate the price elasticity of demand by comparing the percentage change in quantity demanded to the percentage change in price.
Price Elasticity
An index of how sensitive the amount of a product that is bought or sold is to variations in its cost.
Total Revenue
The overall amount of money generated by the sale of goods or services before any costs are subtracted.
Price Effect
The impact on consumer demand and producer behavior due to a change in the price of a good or service, holding other factors constant.
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