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Suppose that an individual consumes only two goods, good 1 and good 2. If the price of good 1 rises, with all else constant, and the price elasticity of demand for good 1 is - 0.7, will the quantity of good 2 increase?
Residual Value
The estimated value that an asset will have at the end of its useful life, after factoring in depreciation or amortization.
Diminishing-Balance Method
A method of accelerated depreciation where an asset loses value by a fixed percentage each year over its useful life.
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