Use the Binomial Theorem to Expand the Given Binomial

question 14

Short Answer

Use the binomial theorem to expand the given binomial.
(b + 2)⁴

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Definitions:

Normal Good

A good for which a rise in income increases the demand for that good—the “normal” case.

Total Revenue

The total income received by a firm from selling its goods or services, calculated as the unit price times the quantity sold.

Elastic Demand

A situation where the demand for a product changes significantly in response to changes in its price.

Midpoint Method

A technique used in economics to calculate elasticity by averaging the percentages of change in both quantity and price.