Relative Prices

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August 31, 2024 4 min read Definitions
Elasticity of Substitution: Ratio of Proportional Change in Goods
Economics Finance Elasticity Substitution Demand Relative Prices Goods
The Elasticity of Substitution measures the responsiveness of the ratio of two goods demanded to changes in their relative prices.
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August 31, 2024 4 min read Definitions
Offer Curve: Economic Implications of Relative Prices and Trading Plans
Economics Finance Offer Curve Economics Trading-Plans Relative Prices Utility Maximization
An offer curve represents the locus of trading plans for consumers or countries as relative prices vary. It depicts the optimal trading plans, maximizing utility or economic benefit given budget constraints or international trade considerations.
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