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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

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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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GRAY SKITTERY
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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for telephone calls from former employers.
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The average length of a "business lunch" is about 36 minutes.
"A pint of sweat saves a gallon of blood. "

-- General George Patton

BOP
Balance of Payments
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