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 MEDIATION: Intervention by an impartial third party to settle disputes between two others. The actions of this third party--the mediator--are not legally binding. Mediators are frequently used in collective bargaining negotiations when unions and their employers have reached an impasse. Mediators help both sides work out a satisfactory agreement. But neither side is legally compelled to follow the mediator's advice.
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 Lesson 5: Market Demand | Unit 3: Demand Curve Page: 9 of 20

 Topic: Schedule <=PAGE BACK | PAGE NEXT=>

This table is a demand schedule presenting the relationship between demand price and quantity demanded.

Assumptions:

• Ceteris paribus factors do not change.
• Data is for a specific time period.
Observations:
• First, higher prices go with lower quantities demanded-the law of demand.
• Second, the prices and quantities are maximum values.
• Third, demand is the whole set of price/quantity pair numbers. Quantity demanded is any single number at the specified price.
• By the way, these numbers are hypothetical.

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MIDPOINT ELASTICITY FORMULA

A simple technique for calculating the coefficient of elasticity by estimating the average elasticity for discrete changes in two variables. The distinguishing characteristic of this formula is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than initial values. An alternative technique is the endpoint elasticity formula.

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