SAPLINGPLUS ACCESS MICRO 1 TERM
4th Edition
ISBN: 9781319319038
Author: KRUGMAN
Publisher: MAC LTD
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Chapter 6, Problem 16P
To determine
To Calculate:
The cross-price elasticity between Toyota Prii and regular gasoline using mid-point method.
Concept Introduction:
Mid-point Method:
If x is a variable then percentage change x of using mid-point method is (New value of x − Old Value of x)/ Average value of x .
Cross-price Elasticity:
The degree of responsiveness of the quantity demanded of a product in response to the price change of another good.
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Active Learning 4: Computing GDP
Cookies
2021
(base year)
2022
2023
P
Q
P
Q
P
Q
$1 900
$2 1,000
$3
1,250
200 $1,200
210
Smartphones $900 185 $1,000
Use the above data to solve these problems:
A. Compute nominal GDP in 2021.
B. Compute real GDP in 2022.
C. Compute the GDP deflator in 2023.
Mankiw, Principles of Macroeconomics, 10th Edition. 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
34
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SAPLINGPLUS ACCESS MICRO 1 TERM
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