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Midpoint Formula
A mathematical formula used to calculate the average or midpoint between two values.
Elastic Portion
A range in the demand or supply curve where a small change in price leads to a large change in the quantity demanded or supplied.
Total Revenue
Total Revenue refers to the total amount of money generated by a business from the sale of its goods or services before any costs are deducted.
Price Elasticity
Measures the responsiveness of the quantity demanded of a good to a change in its price, indicating how changes in price affect consumer demand.
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