Examlex
The AD curve shifts to the right with an increase in taxes or a decrease in government purchases.
Elastic
Describes a situation in which the demand or supply for a good or service significantly changes in response to a change in price.
Coefficient
A numerical or constant factor in an equation that multiplies the variable, indicating the degree or level of some effect.
Price Elasticity of Supply
The measure of how the quantity supplied of a good changes in response to a change in its price.
Midpoint Formula
A method used in economics to calculate the elasticity of a variable, often used to estimate the price elasticity of demand by averaging the start and end points of a demand curve.
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