In the accompanying figure, what type of feature is represented by the letter U? How did it form?
Definitions:
Complementary Good
A product that is used together with another product, increasing demand for both when the price of one decreases.
Inferior Good
A type of good whose demand decreases when consumers' incomes increase, opposite to normal goods.
Price Elasticity of Demand
A metric that demonstrates the degree to which the demand for a product changes when there is a fluctuation in its price.
Midpoint Formula
A method used in economics and finance to estimate the elasticity of demand by calculating the average percentage change in both quantity demanded and price.
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