Application in Economics
The arc elasticity of quantity demanded (or quantity supplied) Q with respect to price P, also known as the arc price elasticity of demand (or supply), is calculated as
Read more about this topic: Arc Elasticity
Famous quotes containing the words application and/or economics:
“It would be disingenuous, however, not to point out that some things are considered as morally certain, that is, as having sufficient certainty for application to ordinary life, even though they may be uncertain in relation to the absolute power of God.”
—René Descartes (1596–1650)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (1876–1947)
Related Phrases
Related Words