Term
What is the midpoint formula?
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Definition
((Change in Quantity/Sum of Quantity)/(Change in Price/Sum of Price))
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Term
How do you calculate price elasticity of demand?
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Definition
Midpoint Formula
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Term
Income/Unit Price = What?
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Definition
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Term
Quantity*Unit Price= What?
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Definition
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Term
Change in Total Cost Divided by Change in Quantity equals what?
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Definition
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Term
Total Cost - (Price*Output)= What?
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Definition
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Term
Average Total Cost equals what?
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Definition
Total Cost divided by Quantity?
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Term
Economic profit equals what?
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Definition
Total Costs - (Price*Output)
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