Homework Answers
Q27
Answer
Q=TR/P
P=7 then Q=84/7=12
P=8 then Q=88/8=11
Elasticity of demand=(change in quantity/average
quantity)/(change in price/average price)
Change in quantity=11-12=-1
average quantity=(11+12)/2=11.5
change in price=8-7=1
average price=(8+7)/2=7.5
Elasticity of demand=(-1/11.5)/(1/7.5)
=-0.652173913
=0.65 (absolute value)
Option c
=====
Q28
Answer
Option b
inflation rate
The inflation rate is a percentage change in price from one period
to the next period
the growth rate is a percentage change in output over the
period
The GDP deflator is price index
The unemployment rate is a percentage of people unemployment at a
given time.
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