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Linear Demand Function
A mathematical representation of the relationship between the quantity demanded of a good and its price, assuming this relationship is a straight line.
Income Elasticity of Demand
A measure of how the quantity demanded of a good or service changes in response to a change in consumers' income.
Price Elasticity of Supply
An economic measure of how much the quantity supplied of a good changes in response to a change in price.
Equilibrium Values
The set of prices or quantities in a market or economic model where supply equals demand, and no incentive exists for change.
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