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Discuss some contingency plans commonly established by firms.
Price Elasticity
This measures how sensitive the quantity demanded of a good or service is to a change in its price.
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.
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