What is the "midpoint formula" and why is it used?
What will be an ideal response?
The midpoint formula is a convention of calculating elasticity percentages using the values halfway between the initial and new price and quantity demanded values. It is used so an elasticity calculation will not depend on the direction of the change in quantity demanded due to a change in price.
Economics
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If $1,000 is placed in an account earning 8% annually, the balance at the end of seven years will be
A) $1,080. B) $1,560. C) $2,000. D) $1,714.
Economics
Which of the following states had the highest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York b. Arkansas c. North Carolina d. California
Economics