Consider the data shown in the table. Assume that the economy produces only textbooks. What is the average price level between the two years?
$$\begin{array} { | l | c | c | }
\hline & \begin{array} { c }
\text { Textbooks } \
\text { Sold }
\end{array} & \begin{array} { c }
\text { Actual } \
\text { Price }
\end{array} \
\hline \text { Last year } & 5,000 & \$ 50 \
\hline \text { This year } & 5,250 & \$ 55 \
\hline
\end{array}$$
A)$105
B)$55
C)$50
D)$52.50

Question

Consider the data shown in the table. Assume that the economy produces only textbooks. What is the average price level between the two years?
$$\begin{array} { | l | c | c | } 
\hline & \begin{array} { c } 
\text { Textbooks } \
\text { Sold }
\end{array} & \begin{array} { c } 
\text { Actual } \
\text { Price }
\end{array} \
\hline \text { Last year } & 5,000 & \$ 50 \
\hline \text { This year } & 5,250 & \$ 55 \
\hline
\end{array}$$
A)$105
B)$55
C)$50
D)$52.50

Quizplus · Accepted Answer

The average price level is calculated by taking the sum of the prices for the two years and dividing by 2. Thus, $(\$50 + \$55) / 2 = \$52.50$.

Consider the Data Shown in the Table A)$105 B)$55 C)$50 D)$52

Consider the Data Shown in the Table A)$105
B)$55
C)$50
D)$52