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Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market.
Quantity Demanded
The total amount of goods or services that consumers are willing and able to purchase at a given price level.
Demand
The amount of a particular good or service that consumers are willing and able to purchase at various prices during a certain period of time.
Midpoint Formula
A more precise way of calculating percentages using the value halfway between P1 and P2 for the base in calculating the percentage change in price and the value halfway between Q1 and Q2 as the base for calculating the percentage change in quantity demanded.
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