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If demand is inelastic, what is the absolute value of the price elasticity of demand?
Utility
A measure of satisfaction or happiness that consumers derive from consuming goods and services.
Train Tickets
Tickets that grant the holder the right to travel on a train service, typically specifying the journey details.
Diminishing Marginal Utility
Diminishing Marginal Utility is an economic concept stating that as a person consumes more of a good or service, the satisfaction (utility) gained from consuming each additional unit decreases.
Total Utility
The total satisfaction or benefit that a person receives from consuming a given total quantity of a good or service.
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