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HORIZONTAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the horizontal or X axis for a given value of the variable on the vertical or Y axis. This is commonly done when deriving a market demand curve from a set of individual demand curves. The quantity demanded by every individual is added at a given price to identify the total market demand at that price.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 20 of 25

Topic: Relatively Inelastic <=PAGE BACK | PAGE NEXT=>

  • Another large section of the elasticity continuum is comprise of relatively inelastic:

  • Relatively inelastic is an elasticity alternative in which relatively large changes in one variable (price) cause relatively small changes in another variable (quantity).
  • Once again, this works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

  • Relatively inelastic demand and supply are represented by relatively steep, but not perfectly vertical, demand and supply curves.

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VERIFICATION

The hypothesis-testing step of the scientific method in which the hypothesized implication of a theory is compared against real world events and data. This verification can provide support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis. In either event, further analysis is indicated.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the last item on a shelf.
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John Maynard Keynes was born the same year Karl Marx died.
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