Examlex
Describe a block and define an outer block and an inner block.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating sensitivity.
Marginal Product
The increase in output that results from adding one more unit of a specific input, while keeping other inputs constant.
Substitutability
The degree to which one good can be replaced by another in consumption or production without affecting consumer satisfaction or output.
Price Elasticity of Demand
A gauge of demand elasticity in reaction to price adjustments for a particular commodity.
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