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Midpoint Method
A technique used to calculate elasticity by averaging the two points on a demand or supply curve and considering the percentage change from the average.
Price Elasticity
A measure of the sensitivity of demand for a product or service to a change in its price.
Elasticity of Demand
An evaluation of how sensitively the demanded amount of a product responds to changes in price.
Demand Curve
An illustration that depicts the connection between how much of a product consumers want to buy and its cost.
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