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You are bathing a resident.You note a reddened area on the person's left shoulder.What should you do?
Output Effect
The output effect is the change in total revenue resulting from selling additional units of a product, considering the impact on price due to supply and demand.
Elastic Demand
A condition where the quantity demanded of a good or service is highly responsive to changes in its price.
Output Effect
The impact on total revenue when a firm changes its output level, considering demand elasticity.
Substitution Effect
The change in consumption patterns due to a relative change in prices leading consumers to substitute one product for another.
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