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Arc Elasticity
Is the average elasticity between two given points on the curve, i.e.
Because of the negative relationship between price and quantity demanded, price elasticity of demand is negative. We there take the absolute magnitude of the number.
break event point
Indifference Curve Analysis In the 1930s a group of economists, including Sir John Hicks and sir Roy Allen, came to believe that cardinal measurement of utility was not necess
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