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A bullet is fired horizontally at a target, and the sound of its impact is heard 1.3 seconds later. If the speed of the bullet is 3,000 ft/sec and the speed of sound is 1,100 ft/sec, how far away is the target?
Time Horizon
Describes the length of time over which an investment, project, or policy is evaluated or expected to have an impact.
Income Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all else constant.
Midpoint Method
A technique used in economics to calculate the percentage change between two points by dividing the change by the average of the initial and final values.
Normal Goods
Goods for which demand increases as the income of individuals increases, and vice versa.
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