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Elasticity of Demand
This is a measure of how responsive the sales volume of goods is to changes in that product's price, equal to the marginal change in sales, divided by the marginal change in price.
Risk Aversion and Income - Variability in potential payoffs increases risk premium. - Example: A job has a .5% probability of paying $40,000 (utility of 20) and a 5 p
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what are the factors influencing supply
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