-In the figure above,using the midpoint method,the price elasticity of demand when the price falls from $6 to $5 is equal to
Definitions:
Inferior Good
An inferior good is a type of product whose demand decreases as the income of the consumer increases, in contrast to normal goods.
Income Elasticity
Measures how the demand for a product or service changes in response to changes in consumer income.
Positive Elasticity
Occurs when the demand for a product increases as the price increases, indicating a direct relationship between price and demand.
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