Mathematical Expressions and Order of Operations Speech or Presentation

Mathematical Expressions and Order of Operations - Speech or Presentation Example What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita? 11. Key Question If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? What is the â€Å"rule of 70†? How long would it take for the price level to double if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per year? 2. Key Question Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand for each of the four possible $1 price changes. What can you conclude about the relationship between the slope of a curve and its elasticity? Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment. The price elasticity of demand is unity. Below the equilibrium point, which denoted a point of no profit no loss between the sales and demand, an increase in demand would cause a fall in price, thereby resulting in a producer surplus. As such, more goods are produced and the low price results in decreased profits. In the case of the region above the equilibrium point, an increase in price would require the production of less goods. Therefore, for a quantity of goods sold, the profit margin would be greater. Hence, the demand curve is considered to be elastic in this region. 7. Key Question A firm has fixed costs of $60 and variable costs as indicated in the table on the following page. Complete the table and check your calculations by referring to question 4 at the end of Chapter 23. b. Graph AFC, AVC, ATC, and MC. Explain the derivation and shape of each of these four curves and their relationships to one another. Specifically, explain in nontechnical terms why the MC curve intersects both the AVC and the ATC curves at their minimum