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1. The population of the world in 2003 was 6.314 billion. It grew between 1975 and 2003 at an annual rate of 1.6%. Assume that it continues to grow at this rate.
a. Compute the doubling time. (Understand the Rule of 72)
b. Estimate the world population in 2048 and 2093 (assuming all other things remain unchanged).
2. Suppose a country's population growths at the rate of 2% per year and its output grows at the rate 3% per year.
a. Calculate the rate of growth per capita output.
b. If instead its population grows at 3% per year and its output grows at 2% per year, calculate its rate of growth of per capita output.
Illustrate what makes measuring economies of localization or economies of urbanization difficult.
Now, in the above economy, also suppose that 8,000 notebooks were imported and sold for $1 each in year 1, and 20,000 notebooks imported and sold for $5 each in year 2. Calculate nominal GDP in years 1 and 2. If the price of imported notebooks increa..
Consider an economy with a constant population of N = 100. Individuals areendowed with y = 20 units of the consumption good when young and nothing when old. Suppose instead that the initial old were endowed with a total of 800 units of fiat money. Ho..
The general linear demand for good X is estimated to be Q = 125,000 – 400P – 0.76M + 360PR Where P is the price of good X, M is the average income of consumers who buy good X and PR is the price of related good R. If P is instead set at $200, calcula..
What is a commercial bank and how do they act and what is a security? Name 2 or 3 different type of securities?
The simple circular flow model (without leaks or injections) shows that an economy reaches equilibrium when:
Atrium, a manufacturer of upscale designer tee-shirts, is considering launching an Internet operation to sell its product direct to consumers in addition to distributing through traditional bricks-and-mortar retail stores. If Atrium can sell 10,000 t..
Examine advantages and/or disadvantages of distributing market pesticide permits to each farm operating in eater shed equal to 40% of current levels of use of that pesticide, versus simply ordering each farm to reduce pesticide issues to 40% of cu..
Analyze the characteristics which make any transaction possible and justify the importance of each of the characteristics.
The market equilibrium wage is currently $12 per hour among hairdressers. At that wage 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no change..
Increase carbon tax will make move of production factory to the countries with no or lower carbon taxes. So every countries should set the base carbon tax rate at the same point to avoid this problem and it will be the problem or not?
You are an efficiency expert hired by a manufacturing firm that uses K and E as inputs. The production function for a competitive firm is Q = K1/2 E1/2. The firm sells its output at a price of $32, and can hire labor at a wage of $12.44 per hour. In ..
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