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Define a Value Chain and the Significance of the Center

question 66

Essay

Define a value chain and the significance of the center of gravity.


Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period.

Relative Change

The measure of how much a variable changes in proportion to a reference amount.

Elastic

Elastic refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Price Elasticity

Price elasticity refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

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