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What is the mathematical definition of price elasticity of demand
The price elasticity of demand is the percentage alters in quantity demanded divided by the percentage change in price. The price elasticity of supply is the percentage alter in quantity supplied splited by the percentage change in price.
how to define or interpret ppc curve
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Question 1: (a) Using examples, explain the difference between time-series, cross-sectional, and panel data. (b) Formulate a simple linear equation, and carefully explain
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