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The export price index for Japan is 132,while its import price index is 124.Assume an increase in export prices in Japan that result in a new price index of 144.The new terms of trade for Japan is __________,representing a(n) __________________ for Japan,and a(n) ___________________ for their trade partner.
Inelastic Portion
Part of the demand curve where the quantity demanded changes minimally in response to price changes.
Marginal Revenue
The additional income gained from selling one more unit of a product or service.
Inelastic Portion
A segment of the demand curve where consumers are relatively unresponsive to price changes, indicating a demand elasticity of less than one.
Marginal Revenue
The additional income earned from selling one more unit of a product or service.
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