Question Booklet
Question Booklet
Question Booklet
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Section II: Calculations - 15 marks<br />
Based on the following data, answer the following questions using the data provided.<br />
You should have memorized each formula for the exam. Make sure you show your<br />
calculations and circle your answer clearly.<br />
1. Calculate the elasticity of demand (E d ) for the following data. (3 marks)<br />
Price (OLD) = $5.00<br />
Quantity (OLD) = 1500 units<br />
Price (NEW) = $7.50<br />
Quantity (NEW) 1250 units<br />
2. Calculate the Real GDP Growth Rate for the following data. (3 marks)<br />
Real GDP year 1 = $3,000,000<br />
Real GDP year 2 = $3,125,000
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