Examlex
Centralized data processing typically involves terminals connected to large computers in a central data processing facility.
Midpoint Method
A technique used in economics to calculate the elasticity of demand or supply by taking the average of the starting and ending prices and quantities.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating how prices can affect consumer purchasing decisions.
Equation
A mathematical statement that asserts the equality of two expressions, represented by the symbol "=".
Luxury
Goods or services that are considered non-essential but desirable, often associated with high quality and high price.
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