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Unit Elastic
A situation in demand or supply where the elasticity is exactly one, indicating that a change in price results in a proportionate change in the quantity demanded or supplied.
Total Revenue
The total amount of money received by a firm from selling its goods or services.
Price Elastic
Describes how sensitive the demand for a good or service is to changes in its price.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in the income of consumers.
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