Examlex
As a general rule, a value is considered an extreme value if its Z score is greater than -3.
Elastic Demand
Elastic Demand occurs when the quantity demanded of a product changes significantly as its price changes.
Luxury Items
Goods and services that are considered non-essential but desirable, often characterized by their high quality, exclusivity, and high price.
Necessities
Basic needs or essential goods and services required for individuals to maintain a minimum standard of living, such as food, shelter, and healthcare.
Cross-Price Elasticity
A measure of the responsiveness of demand for one good to a change in the price of another good.
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