Answer to Question #239492 in Microeconomics for Kele

Question

Numeric example between rate of change and the level of change

Answer 1

Rate of change describes the velocity of a variable and is used to mathematically express the percentage change in value over a specific period of time i.e a car travelling at a speed of 60km per hour.

These are modifications that can be done now or tomorrow without requiring a policy change or, in most cases, permission.