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Suppose that the total market value of all the final goods and services produced in the country of GDPLAND is $34 billion in 2008 ( measured in 2008 prices ) and $36 billion in 2009 ( measured in 2009 prices ). Which of the following statements is definitely correct?
(a) Production increased in GDPLAND between 2008 and 2009
(b) Average price levels increased in GDPLAND between 2008 and 2009
(c) Nominal GDP increased in GDPLAND between 2008 and 2009
(d) Real GDP increased in GDPLAND between 2008 and 2009
A CNC mill was purchased 4 years ago for $50,000. The current market value is $26,000, which will decline as follows over the next 5 years: $20,000, $16,250, $14,000, $12,000, and $8500. The O & M costs are estimated to be $6000 this year. These cost..
For the current year, a firm reported net income from operations of $20,000 on its income statement and an increase of $30,000 in cash from operations on the statement of cash flows.
An end-of-aisle price promotion changes the price elasticity of a good from -2 to -3. If the normal price is 10, what should the promotional price be?
What is meant by using standard patterns in software design? What is meant by interpreting design documents? How do design patterns and modeling notations impact software development?
The mission statement for Quaker Oats cites its origins, “inspired by the power and wholesome goodness of the amazing oat.” Frito-Lay looks a little more to the present, citing its mission “To be the world’s favorite snack and always within arm’s rea..
To what extent do politicians and politics affect or manipulate markets? Is it a major or minor factor? If it were a major factor, what would happen if such manipulation didn’t take place? If it were a minor factor, do you believe there is a major fa..
Following WWII, a rift emerged between the capitalist nations of the West and the communist nations of the East after World War II. In an attempt to orchestrate the economic and internal affairs of Eastern European communist nations, the Soviet Union..
Essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do.
Discuss some of the critical urban economic issues of today. Discuss some of the economic rationales behind business location and the system of cities in New York, their benefits and pitfalls.
What do economies of scale, the exclusive ownership of essential raw materials used in the production process, and patents have in common?
Now fill in the column for Marginal Cost. Illustrate what pattern do you see
How several firms determine their production quantities in a market? How an employee and an employer determine the salary in a contract? (For example Foxconn) Can you find production function(Revenue-Cost) for any Apple product?
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