Application in Economics
The arc elasticity of quantity demanded (or quantity supplied) Q with respect to price P, also known as the arc price elasticity of demand (or supply), is calculated as
Read more about this topic: Arc Elasticity
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“By an application of the theory of relativity to the taste of readers, to-day in Germany I am called a German man of science, and in England I am represented as a Swiss Jew. If I come to be regarded as a bête noire the descriptions will be reversed, and I shall become a Swiss Jew for the Germans and a German man of science for the English!”
—Albert Einstein (1879–1955)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (1876–1947)
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