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(Inflation) Here are some recent data on the U.S. consumer price index:Year CPI Year CPI Year CPI1988 118.3 1994 148.2 2000 172.21989 124.0 1995 152.4 2001 177.11990 130.7 1996 156.9 2002 179.91991 136.2 1997 160.5 2003 184.01992 140.3 1998 163.0 2004 188.91993 144.5 1999 166.6 2005 195.32006 201.8Compute the inflation rate for each year 1989-2006 and determine which were years of inflation. In which years did deflation occur? In which years did disinflation occur? Was there hyperinflation in any year?
Suppose the total market value of all final goods and services produced this year in economy X is $4 million. Of the $4 million worth of goods, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
C) What price will buyers pay after the tax is imposed D) What is the deadweight loss created by the tax E) What is the quantity of the good that will be sold after the tax is imposed
A major car manufacturer wants to test a new engine to determine whether it meets new air pollution standards. The mean emission of all engine of this type must be less than 20 parts per million of carbon. Ten engines are manufactured for testing ..
In the long run, Martha Mowers can assemble 300 mowers per week at a total cost of $18,000; 400 mowers at a total cost of $24,000; or 500 mowers at a cost of $35,000. Using the red points (cross symbol), plot the long-run average total cost (LRATC)..
The demand for Wanderlust Travel Services (X) is estimated to be Qx = 22,000 - 2.5Px + 4Py - 1M + 1.5Ax, where Ax represents the amount of advertising spent on X and the other variables have their usual interpretations. Suppose the price of good X..
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200..
Plastic bags have been blamed fo street litter, ocean pollution, and cabon emissons produced by manufacturing and shipping them. Last summer, Seattle approved a 20- cents charge on plastic shopping bags, wich was intented to reduce pollution.
A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 6.00 percent. This firm is earning $15.00 on every $150.00 invested by its founders. What is its percentage rate of return.
Consider the market for ice cream as in the previous problem. This has a demand curve given by D(P)=100-P and a supply curve given by S(P)=1+98P. If the government implements a $9 tax, what is the price that consumers will pay
office building maintenance plans call for the stripping, waxing and buffing of cereamic floor tiles. this work is contracted out to maintenance firms and both technology and labor requirements are very basic. qs=2p-20 and qd=80=2p algebraically
At a particular academically challenging high school, the average GPA of a high school senior is known to be normally distributed with a variance of 0.25. A sample of 20 seniors is taken and their average GPA is found to be 2.71
Following is a multiple regression in which dependent variable is market value of houses and independent variables are the age of the house and square footage of the house.
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