The figure above shows the demand curve for Starbucks latte.
-In the figure above,the demand is unit elastic
Definitions:
Psychophysics Term
Relates to the study of the relationship between physical stimuli and the sensations and perceptions they produce.
Absolute Difference
A measure of the total amount of difference between two quantities or numbers.
Weber Fraction
A principle in psychophysics quantifying the perception of change in a given stimulus relative to its initial level, often used in detecting differences in intensity.
Grapheme-colour Synesthesia
A form of synesthesia in which an individual's perception of numbers and letters is automatically and involuntarily associated with colors.
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