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Suppose China's GDP is growing by 7% a year and its population grows by 1% a year. Also suppose that US GDP grows by 3% a year and its population grows by 1% a year, and that in 2017 US GDP is 1.5 times China's while US population is one quarter of China's. If these growth rates continue
By what year will China's GDP double? Its population? Its per capita GDP?
In what year will China's GDP equal US GDP?
In what year will China's GDP per capita equal US GDP per capita?
Be sure to show your calculations, even if they are very simple.
Suppose your utility over donuts (D) and sodas (S) is given by U(D, S) = D0.5S0.5 + 10. a. Calculate the marginal rate of substitution (MRS) between donuts and sodas. b. Suppose you have income of Y dollars to spend on donuts and sodas each week. Den..
Illustrate the full income budget constraint on an individual who has T0 units of discretionary time, Y0 units of unearned income and a wage rate of W0. In the same diagram, illustrate the utility maximizing choice of leisure and goods/income. Indica..
Analyze the motivations behind some of the decisions you have made and the actions you have taken, and try to determine the extent to which you are motivated by self-interest. Have you ever done what might be called a purely altruistic act? Does this..
Since increasing the number of variables increases R2 why not include every variable in the regression equation?
In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 milli..
You want to retire in 35 years. The Actuarial table indicates that your anticipated years in retirement will be 20 years. If you anticipate the return on your investments will be 5% and you wish to get $100,000 per year in retirement, how much money ..
Write a 700- to 1,050-word paper explaining factors that affect supply and demand. Include the following Explain factors that could cause possible changes in supply and demand.
1. write down on a paper analyzing dissimilar approaches that might be used by keynesian theorists and2. monetary
How to calculate the elasticity coefficient between each of the seven prices and indicate whether the character of demand is Elastic.
Illustrate what are the Joseph's demands for roses also tulips as a function of prices also income.
The inverse demand function in a market is given by P = 15 - Q , where Q is the aggregate quantity produced, and P is price. The market has 3 identical firms with marginal and average costs of 3. The firms engage in Cournot competition. What quantity..
When marginal revenue is negative, the:
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