Examlex
Describe cluster analysis and some of its applications.
Price Elasticity
Measures the responsiveness of the quantity demanded or supplied of a good to a change in its price.
Quantity Demanded
The complete sum of a particular good or service that purchasers are prepared and financially able to buy at a certain price.
Elasticity Measures
Quantitative tools used to analyze how much the quantity demanded of a good responds to changes in price, income levels, or other factors, reflecting the sensitivity of demand to changes.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.
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