Explain what is demand for phone calls

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Q. If a 20% decrease in th price of long distancephone calls leads to a 35% increase in the quantity of calls demanded, you may conclude that the demand for phone calls is?

Q. Suppose nominal GDP in 2002 was $100 billion and in 2003 it was $260 billion. The general price index in 2002 was 100 and in 2003 it was 180. Between 2002 and 2003 the real GDP rose by:

Reference no: EM1363622

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Explain what is demand for phone calls : If a 20% decrease in th price of long distancephone calls leads to a 35% rise in the quantity of calls demanded, you may conclude that the demand for phone calls is.

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