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You are an epidemiologist, and you want to find out why some people exposed to the flu actually get the flu and others exposed to the flu do not get it. Which study design should you use?
Income Elasticity
The percentage change in the quantity of a product demanded divided by the percentage change in consumer income that caused the change in quantity demanded. It measures the responsiveness of the demand for a good to a consumer’s change in income.
Perfectly Elastic
Describes a situation where the quantity demanded or supplied reacts extremely to a small change in price, indicating infinite responsiveness.
Demand Curve
A graph representing the relationship between the price of a good or service and the quantity demanded by consumers at those prices.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in its price, indicating the sensitivity of consumers to price changes.
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