If the CPI Is 230 in Year 1 and 249

question 135

Multiple Choice

If the CPI is 230 in year 1 and 249 in year 2,what is the approximate percentage change in prices between the two years?

• A) 7.6 percent
• B) 8.3 percent
• C) 15.7 percent
• D) 11.4 percent
• E) 6.0 percent

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Definitions:

Short Run

in economics, refers to a period during which at least one factor of production is fixed, and firms can adjust only the variable factors.

TVC

Total Variable Cost, which refers to all variable expenses that change with the level of output.

Short Run

A period of time in economics during which at least one input is fixed, limiting the ability of the economy or firm to adjust.

TC

stands for Total Cost, which encompasses all costs incurred in the production of goods or services.