Exhibit 15 $$\begin{array} { c r } \text { Day } & \text { Price } \\\hline 1 & 9867 \\2 & 10025 \\3 & 10524 \\4 & 10210 \\5 & 10104 \\6 & 9925\end{array}$$

question 9

Multiple Choice

Exhibit 15.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Daily closings for the Dow Jones Industrial Average are given in the table below. $$\begin{array} { c r } \text { Day } & \text { Price } \\\hline 1 & 9867 \\2 & 10025 \\3 & 10524 \\4 & 10210 \\5 & 10104 \\6 & 9925\end{array}$$
-Refer to Exhibit 15.1. Calculate a 4-day moving average for day 5.

• A)10,102.3
• B)9905.6
• C)9875.4
• D)10,215.7
• E)10,157.6

---

Definitions:

Elasticity of Demand

A measure of how responsive the quantity demanded is to a change in price, indicating how a product's demand will fluctuate with pricing changes.

Marginal Rate

Often refers to the incremental increase in cost or benefit associated with a one-unit change in an economic activity.

Substitution

The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.

Income Effect

The change in consumption resulting from a change in real income.