Use the Data Shown Below to Answer the Following Question(s)

question 26

Essay

Use the data shown below to answer the following question(s).
The table below is the data set of the Shiller Real Home Price Index for the years 1946-1956.
$\begin{array}{c|c}\text { Year } & \begin{array}{c}\text { Real Home Price } \\\text { Index }\end{array} \\\hline 1946 & 106.5058955 \\\hline 1947 & 109.3296707 \\\hline 1948 & 101.2225795 \\\hline 1949 & 100.0466076 \\\hline 1950 & 105.8948393 \\\hline 1951 & 103.8986687 \\\hline 1952 & 103.9743275 \\\hline 1953 & 114.7133093 \\\hline 1954 & 114.199126 \\\hline 1955 & 115.4621261 \\\hline 1956 & 115.3166155\end{array}$
-Setting k = 5, calculate the simple moving average forecast for the year 1951.

Distinguish between perfectly inelastic and perfectly elastic demand.

Analyze the relationship between price changes and total revenue.

Identify the elasticity section of the demand curve (elastic, inelastic, unit elastic).

Understand the effect of government policies on consumption based on price elasticity.

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Definitions:

Celebrations

Events that observe a significant occasion or achievement, often marked by festivities and rituals.

Résumé

A document presenting an individual's background, skills, and accomplishments, typically used to secure new employment.

Best Effort

Applying the highest level of attempt or endeavor to accomplish a task or achieve a goal, often without guarantee of success.

Interview

A formal meeting in which one or more persons question, consult, or evaluate another person, typically for the purpose of obtaining information or assessing qualifications.