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Normal Good
A good for which demand increases as the income of the consumer increases.
Price Elasticity
An indicator of the alteration in the amount of a product that is either demanded or supplied, as a result of variations in its market price.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at various prices.
Midpoint Method
A technique used to calculate the elasticity of demand or supply between two points on a curve by using the average of the two points.
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