Examlex
If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5.
Lorenz Curve
A graphical representation showing the distribution of income or wealth within a society, indicating inequality.
Income Inequality
The uneven distribution of income within a population, often measured by various statistical means.
Empirical Data
Information obtained through observation or experimentation that provides evidence or insight into a phenomenon.
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