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The concept of elasticity in economics is taught mostly in secondary education. Students generally mix up slope and … elasticity even though many textbooks explain the difference between them. This note is to substantiate explanations by Round and … McIver (2006) in view of exploring possible reasons how students might have confused elasticity and slope from initial …
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This paper re-examines aggregate and disaggregate import and export demand functions for the United States. This re-examination is warranted because (1) income elasticities are too high to be warranted by standard theories, and (2) remain high even when it is assumed that supply factors are...
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