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If the national GDP is $559 billion in the base year, and it rises to 577 in year i, and 605 in year 2, what is the real GDP in each year, given that the price index has risen from 100 to 104.5 in the first year and up to 108.3 in the second year ?If the price index 20 years before the base year was 41.2 and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year ? Show your work in all cases.
What is the long-run equilibrium price (P*)? The total industry output (Q*)? The output of each ?rm (q*)? The number of ?rms? The pro?ts of each ?rm? c. The short-run total cost function associated with each ?rm's long-run equilibrium output is g..
decrease in your real income that results when photographic equipment you purchase increases in price because of increased demand by others for these items. cost you bear when your neighbor has a noisy party and does not compensate you for your dis..
The table below shows the amount of consumption, planned investment, government purchases, net exports, net taxes, and planned aggregate expenditure at every output level for a hypothetical economy. (All numbers are in millions of chained 2000..
What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
What did pre-Keynesian believe about the market and its ability to pull itself out of a recession 9. What role do investments in human capital, physical capital, technology development, and improving institutional quality play in creating economic..
What is an example of big data either from your personal experience or outside research? How can big data impact an organization?
3. In explaining the 2003 bill to cut taxes, President Bush is quoted as saying, "When people have more money, they can spend it on goods and services."
Consider an industry described as a duopoly consisting of two symmetric firms producing homogeneous product. Inverse demand function is P = 1500 -10Q and each firm has a marginal cost of $20 with fixed cost of zero.
Ryan expects to deposit $1,000 now, $3,000 four years from now, and $1,500 six years from now in an account that is earning 12% per year compounded semi annually through a company-sponsored saving plan. What amount can he withdraw ten years from now?
Why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise hotels in down-town areas, where there is a lot of repeat business.
Elasticity of demand is a measure of the responsiveness of to changes in price. Over time the elasticity of supply for a particular good or service tends to become A tax on a service that has a relatively elastic demand and a relatively inelastic s..
Assume there is an increase in the price of electricity (which is the result of a decrease in the supply of electricity), and electricity and natural gas are substitutes. How would this affect the demand for natural gas, and what would happen to the ..
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