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3 Tutorials that teach Own-price Elasticity
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Own-price Elasticity

Own-price Elasticity

Author: Justin Tapp
Description:
This lesson will explain Own-price Elasticity
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Tutorial

Notes on "Own-price Elasticity"

Terms to Know

Midpoint Formula

The middle point that represents the average of price and supply when determining price elasticity.
(QA-QB) / (QA+QB)
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(PA-PB) / (PA+PB)

Arc Price Elasticity

Dividing the percent change in quantity by the percent change in price to analyze the relationship between the two economic variables.

Own-Price

Elasticity of demand when the price of a good changes, keeping all other variables and goods separate.