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Could you explain the similarities and differences between GDP and national income?
Would you define Gross Domestic Product and Gross National Product. Then answer the following question: Why would a Honda manufactured in Ohio be included in U.S. GDP, while a General Motors vehicle manufactured in Mexico would not?
Finally, please identify and describe the four components of GDP and answer the following question, please demonstrate how you arrived at your solution. If GDP is $100 billion, consumption is $60 billion, investment is $30 billion, and net exports are -$5 billion, what is government spending in this economy?
If Apple reduced its price for the shuffle, what do you think would happen to their profit? What impact would the price decrease have on their competitors? Explain by considering the elasticity of shuffles).
Using year 1 prices, what is real GDP per worker in year 1 and year 2? What is labor productivity growth between year 1 and year 2 for the whole economy?
For what values of the discount factor will grim punishment strategies-with reversion to Bertrand-Nash prices-support a collusive agreement to maximize joint profits?
Use same parameters as in question 4 & 5: A0=100 l=0.20 z=1/500 L=100 What is the level of output per person after 100 years?
complete the supply and demand simulation located on the student website.write 700 - 1050-word paper of no more than
If the real wage can adjust to equilibrate labor supply and labor demand, what's the real wage. At this equilibrium what are output,employment, and the total wage of workers. congress cannot dictate ow many workers firms hire at the mandated wage.
why does a consumers price elasticity of demand for a good depend on the fraction of the consumers income spent on the
You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y.
calculate the point elasticity of demand for a drug when the average income in the community equals 50000 and price of
Question # 1Consider a two-period mine (periods 0 and 1) industry that is owned by a monopoly firm. Let interest rates, demand, extraction costs, and initial stock be give by: r = 5%, P(Qt) = 100 Qt/2, MC = $50/barrel, S0 = 150 barrel. (4+5+6 points)..
Illustrate with two examples how the U.S. has restrained trade over the past 60 years and state why you think that happened.
Imagine that you are the manager of a gas station and your goal is to maximize profits. According to your past experience, the elasticity of demand by Texans for a car wash is -4,
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