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Price Elasticity
Measures how much the quantity demanded of a good changes in response to a change in its price.
Coefficient
A numerical or constant quantity placed before and multiplying the variable in an algebraic expression.
Inelastic
Describing a situation where the demand for a good or service is relatively unaffected by changes in its price.
Essential Consumption
The purchase and use of goods and services that are considered necessary for basic living and well-being.
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