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Identify the following terms.
Tehran, Yalta, and Potsdam conferences
Price Elasticity
An indicator of the extent to which the demand for a product is affected by variations in its cost.
Midpoint Formula
A method for calculating the price elasticity of demand or supply by averaging the starting and ending prices and quantities to estimate the percentage change.
Price Elasticity
A measure of the responsiveness of demand or supply to changes in price, often used to predict the effect of pricing decisions.
Unit Elastic
A situation in economic demand or supply where a change in price leads to an equal proportional change in the quantity demanded or supplied.
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