Economists Typically Use the Mid-Point Method of Calculating Elasticity Because

question 96

Multiple Choice

Economists typically use the mid-point method of calculating elasticity because:

• A) it is easier to calculate.
• B) it is universally understood by all economists.
• C) the negative sign can then be ignored.
• D) the elasticity between two points is the same, regardless of the direction of the movement.

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Definitions:

Shaping

A method of behavior modification by which successive approximations toward a desired behavior are reinforced, used extensively in operant conditioning.

Desired Response

The preferred or intended outcome or reaction to a specific stimulus or set of circumstances.

Intermittent Reinforcement

A conditioning schedule where rewards or punishments are given out irregularly, which can strengthen behavior.

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from a traumatic event or persistent failure to succeed.