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

Own-price Elasticity

Author: Justin Tapp
This lesson will explain Own-price Elasticity
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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)
(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.


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