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Arc Elasticity is defined below:
Arc elasticity measures/calculates the "average" elasticity between two points on the demand curve. The formula is simply given as (change in quantity/change in price)*(average price/average quantity).
As:
? = ? Q ÷ ? P
Q P
To measure arc elasticity we take average values for both Q and P respectively.
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How Airlines solve the perishability of unsold seats and what they do to their prices as the seats get close to perish?
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