Answer: Demand is Unit - Elastic over this price range.
Explanation:
When total revenue remains the same over various price level then the demand curve is unitary elastic.
Unit-Elastic demand - It depicts a demand curve which is perfectly responsiveness to changes in cost. That is, the amount of demand changes as indicated by a similar percentage changes in prices.
A demand curve with an elasticity of 1 is called as unitary elasticity of demand.
If the price level rose from 131 to 157 but economic output remained the same, real GDP would increase.
The price level has increased and the output is constant then the nominal GDP would increase.
- The term "Gross Domestic Product," or GDP, refers to the total monetary worth of all finished products and services produced (and marketed) inside a nation within a specific time period (typically 1 year). Purpose. GDP stands for "Gross Domestic Product" and reflects the total monetary worth of all finished products and services produced (and sold on the market) inside a nation during a specific period of time. GDP is the most often used indicator of economic activity (typically 1 year). Purpose. The most often used indicator of economic activity is the GDP.
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Answer:
A net worth statement
Explanation:
A net worth statement is a financial report/ document that shows the assets and liabilities - both short and long-term - of an individual or company. The net worth is the result of deducting liabilities from assets.
The net worth statement paints a picture of a person or an entity's current financial position. Assets represent what a person owns, while liabilities are what they owe.