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kirza4 [7]
3 years ago
12

Megan's salary for three consecutive years, along with other values, are presented in the table below.Year

Business
1 answer:
garik1379 [7]3 years ago
3 0

Answer:

242.65

Explanation:

Data provided in the question:

year                                       2011          2012          2013

Salary                                 $65,000   $72,000    $76,000

Consumer Price Index          226           230            235

Real Interest Rate                 2.5%          2.7%           1.8%

Nominal interest rate for 2013 = 7.3%

Now,

Rate of inflation for 2013 = Nominal rate - Real rate

= 7.3% - 1.8%

= 5.5%

Therefore,

CPI in 2013 = Consumer Price Index in 2012 × (1 + inflation )

= 230 × ( 1 + 0.055 )

= 242.65

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Answer:

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The computation of the price elasticity of demand using mid point formula is shown below:

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3 years ago
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