The table below shows monthly data collected on production costs and on the number of units produced over a twelve month period. Total Production Costs $230,000 Level of Activity (Units Produced) Month July 3,500 August 250,000 3,750 September October 260,000 3,800 220,000 3,400 November 340,000 5,800 December 330,000 5,500 January 200,000 2,900 February March 210,000 3.300 240,000 3,600 April 380,000 5,900 Мay 350,000 5,600 June 290,000 5,000
Functions of the Federal Reserve System
The Federal Reserve System looks after the financial activities and operations of the banking system. It is the apex body that has complete control over the banking regulations. All the guidelines regarding the banking system, money supply, and formulation of the monetary policy come under the purview of the Federal Reserve System. The New York Fed also helps in drafting the monetary policy and supervising the financial system.
Elastic and Inelastic Markets
Measuring the change in percentage of an economic variable with respect to change in a different economic variable is known as elasticity. This change in percentage results in a change in price concerning changes in other factors. In simple terms, when one factor brings a change to another factor, it is called elasticity.
Step by step
Solved in 3 steps with 1 images
