We learned that economists have special terms for, Econometrics

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We learned that economists have special terms for

1. We learned that economists have special terms for elasticities of particular magnitudes. Name the magnitudes for the following: inelastic, elastic, unit elastic, perfectly elastic, and perfectly inelastic.

2. What is total expenditure? Total revenue?

3. Why must you know the price elasticity of demand to be able to predict the effect of a change in price on total expenditure?

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Econometrics: We learned that economists have special terms for

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Econometrics: We learned that economists have special terms for

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