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Unformatted text preview: measurement x For example, if the price of a British Pound is 2 U.S. Dollars per British Pound, then the demand curve for milk is twice as steep if measured in dollars instead of pounds x If we focus on a ratio of percentage changes, we can eliminate the confusion caused by differences in the units of measurement Page 46...
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.
- Fall '10