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Cross Price Elasticity
A gauge of the responsiveness in the demand for a specific product due to fluctuations in the pricing of another product.
Midpoint Method
A technique used in economics for calculating elasticity by averaging the starting and ending prices and quantities.
Cross-Price Elasticity
Measure of how the quantity demanded of one good responds to a change in the price of another good.
Positive
Affirmative, constructive, or based on factual data; often used in reference to positive statements in economics which describe the world as it is, rather than how it should be.
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