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Explain which of the following transactions would be directly counted in 2007's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export. If the transaction is not included in 2007's GDP, explain why not.
(a) You purchase $5000 worth of Google's stock.
(b) A record company produces 500, 000 CDs of a new artist. Only 100,000 are sold at the price of $15.00.
(c) You purchase a 1999 Lexus for 25,000 and then purchase a set of special tires for $1600
You fix your friend's car saving him $300.00 and in return, he paints your house saving you $400.00.
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Field discusses the key threats to sustainable management of forests and agricultural resources. First summarize these threats. Then,
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers.
Answer the following questions as these general questions pertain to the specific issue selected.The questions that you will cover with respect to your choice of broad social issue in the paper are given.
What distinguishes money from other assets in the economy? What are demand deposits, and why should they be included in the stock of money?
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
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