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Price Elasticity
An indicator of the degree to which the demand or supply of a product adjusts due to a variation in its cost.
Midpoint Formula
A method used in economics to calculate the elasticity of demand or supply between two points on a curve by averaging the quantities and prices.
Price Elasticity
A parameter that quantifies the change in demand for a commodity in response to its price alterations.
Midpoint Formula
A mathematical method used to find the midpoint or average between two points, often used in economics to calculate price or quantity averages.
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