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Suppose Country A has a GDP of $4 trillion. Residents of this country earn $500 million from assets they own in foreign countries. Residents of foreign countries earn $300 million from assets they own in Country A. Compute: a.Country A's net foreign income. b.Country A's GNP.
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $0.75 and the price of peanuts is $1.50. LO4 c. What is the slope of the budget line
Under patent protection, a firm has a monopoly in the production of a high-tech component. Market demand is estimated to be: P = 100 - 0.2Q. The firm's economic costs are given by: AC = MC = $60 per component.
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, ..., and firm 100. For firm j (j=1,2,...,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the w..
Consider an economy in which taxes, planned invest-ment, government spending on goods and services,and net exports are autonomous, but consumption and planned investment change as the interest rate changes.
you have operating and maintenance costs that start at $15,000 the first year and increase by $2,000 per year thereafter. assume that the salvage value at the end of five years is $9,000 and interest rate is 12%. Determine the equivalent annual co..
In the economy of Cape Despair, the subsistence real wage rate is $15 an hour. Whenever real GDP per hour rises above $15, the population grows, and whenever real GDP per hour of labor falls below this level, the population falls.
Nominal GDP uses current prices as a measure of the value of goods and services produced, while real GDP uses prices of goods and services in a base year to measure value. Suppose an economy consists of three goods: pizza, sodas, and televisions.
If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation? What is the "rule of 70" How long would it take for the price level to double if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per year
One question that arose during the meeting was about how the firm's profitability in their toothpaste division would be impacted by the expansion. The Board asked you to assess the profit potential using marginal analysis.
People like to earn money, but they don't like to work outdoors in the summer, due to the high heat. Suppose that the utility function is \(U(w,x)=w^{1/2}-0.5h\) , where w is the wage and h is a measure of the number of very hot days.
On a diagram, draw the marginal cost curves for the two factories, the average and marginal revenue curves, and the total marginal cost curve (i.e., the marginal cost of producing Q = Q1 + Q2). Indicate the profit-maximizing output for each factor..
American Pulp Corp. (APC) has entered into a contract to harvest timber for $450,000. The total estimated available harvest is 150 million board-feet. What is the depletion allowance for years 1 to 3 if 42, 45, and 35 million board-feet are harvest..
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