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If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the
Demand Function
A mathematical representation of how the quantity demanded of a good is influenced by its price and other factors.
Price Elasticity
A metric assessing the reaction of the amount of a good demanded to its price alterations.
Demand Function
An equation that describes the relationship between the quantity of a product demanded and the product’s price.
Price Elasticity
A measure in economics to show how much the quantity demanded of a good responds to a change in the price of that good, indicating its responsiveness to price changes.
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