Average rate of change
Also written: average rate
The change in output divided by the change in input between two points, Δy/Δx. For Sam's demand line, going from $14 to $16 gives -18 bags per dollar.
Also written: average rate
The change in output divided by the change in input between two points, Δy/Δx. For Sam's demand line, going from $14 to $16 gives -18 bags per dollar.