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Midpoint Method
is a technique in economics used to calculate the elasticity of demand or supply, providing a more accurate measure by averaging the starting and ending points.
Elasticity of Demand
A measure of how sensitive the demand for a good or service is to changes in its price.
Quantity Demanded
The complete amount of a product or service that purchasers have the willingness and capacity to obtain at a set price.
Price Inelastic
A situation where the quantity demanded or supplied of a good is not significantly affected by changes in price.
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