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Macroeconomics studies the behavior of individual decision makers while microeconomics studies the overall economy.
Midpoint Method
A technique used in economics to measure the elasticity of a variable by averaging the starting and ending points.
Price Elasticity
A measure indicating how much the quantity demanded of a good or service changes in response to a change in its price.
Midpoint Method
A technique used in economics to calculate the elasticity of a variable, using the average of initial and final values as reference points.
Unit Elastic
Describes a situation where the change in quantity demanded or supplied is exactly proportional to the change in price.
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