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D Question 27 0.5 pts Table 5-5 Price Total Revenue $5 $70 $6 $78 $7 $84 $8 $88 $9 $90 $10 $90 27. Refer to Table 5-5. As pri
Question 23 0.5 pts 23. The percentage change in the price level from one period to another is called O a. the growth rate. O
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Answer #1

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
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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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