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Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: Cashews, pecans and almonds. Suppose that on January 1st 2105, cashews sold for $12.50 per pound, pecans were $4.00 per pound, and almonds were $5.50 per pound. At the end of the year you discover that the cashew crop was lower than expected and that cashew prices had increased to $17.00 per pound, but pecan prices stayed at $4.00 and almond prices has actually fallen to $3.00. Can you say what happened to the overall “price level”? How might you construct a measure of the “change in price level”? What additional information might you need to construct your measure?
We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
There are 20,000 hours of labor for country A. 5 hours of labor are required to produce 1 unit of S, while 4 hours are required to produce 1 unit of T. If a world relative price is given as 2, and A's imports = 2,000, what are A's exports?
Write a ~350 word essay explaining which process your believe is preferable in a democracy and why (either choice is fine as long as it is well supported): the hybrid process of the Democratic party, or the Republican party process in which all deleg..
Triggers are ethnocentric responses to differences and defensive reactions to ethnocentrism. Any number of things can serve as triggers, but they generally fall into the following categories: voice, appearance, attitude, and behavior. Please describe..
A series of quarterly cash flows began with the first cash flow on April 1,1990 and ends with the last cash flow on January 1,2000. The first quarterly cash flow is equal to $24,000. Use a nominal interest rate of 13% and continuous compounding. Dete..
George and Jane are next-door neighbours. George likes listening to pop music at high volume but hates opera. Jane likes listening to opera at high volume but hates pop music. What is the externality in the above case? Why might the Coase theorem not..
A monopolist estimated that the own-price elasticity of demand for its product is -4.5 and its advertising elasticity of demand is 1.5. Assuming these elasticities are constant, what fraction of the firm's revenues should the firm "reinvest" in adver..
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to the overall level of U...
Which of the following is found in the Eighth Amendment to the U.S. Constitution?
q.when money decreases in value because of inflation people tend to place less trust in it as a method of storing value
Midwest Media Inc. is a broadcasting firm that owns and operates radio and television stations in the Midwest. The firm is currently considering the purchase of a proximate fast food chain that is experiencing financial difficulty. What recommendatio..
As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, illustrate what two policies could you use to reduce the total amount of emissions.
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