The inflation can be measured by the percentage of change in the CPI.
From the givens:
The change between year 1 and year 2 = 150 - 120 = 30
Now, the percentage of change can be calculated as follows:
% of change = (change in CPI/original CPI) * 100
% of change = (30/120) * 100 = 25%
From, the definition, inflation is measured as the percentage in change of CPI, therefore, inflation = 25%
The classic anthropological definition of culture is ---“that complex whole which includes knowledge, belief, art, law, morals, custom, and any other capabilities and habits acquired by man as a member of society”
What is the meaning of complex whole?
Whenever a relation holds between two or more terms, it unites the terms into a complex whole. Literature. The food industry as a complex whole requires an incredibly wide range of skills. If Othello loves Desdemona, there is such a complex whole as 'Othello's love for Desdemona'.
What is a complex culture?
a group of culture traits all interrelated and dominated by one essential trait: Nationalism is a culture complex.
How do you define culture and society?
A culture represents the beliefs and practices of a group, while society represents the people who share those beliefs and practices. Neither society nor culture could exist without the other.
Learn more about complex culture:
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Answer:
The labor market operates in the US and other free-market systems according to the laws of supply and demand. Workers or laborers offer their time to the marketplace for a price. Business firms have a demand for labor of various kinds at various prices.
Explanation:
Answer:
interchangeable parts and assembly lines
Explanation:
Answer:
The own price elasticity is 0.28.
The demand for good a is inelastic.
Explanation:
The price elasticity of demand for a product is the change in the quantity demanded of a product due to a change in its price.
When the price of good A increases by 7% the quantity demanded of that product decreases by 2%.
The own price elasticity of demand
= 
= 
= 0.28
The elasticity of demand is less than 1, this implies that demand is inelastic.
A greater change in price is leading to a smaller change in quantity demanded.
