Explain why do we consider a business-cycle expansion

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Q. The demand curve for soda is represented by the following equation: Q=12-2P. If at the current market price the elasticity of demand for soda is 2, what is the market price?

Q. Explain why do we consider a business-cycle expansion different from long-run economic growth? Why do we care about the size of the long run growth rate of real GDP versus the size of the growth rate of the population?

Reference no: EM1350376

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