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A mathematical approximation called the rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. Thus, if Mexico’s real GDP per person is growing at 7 percent per year, it will take about 10 years (=70/7) to double. Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the United States. If real GDP per person in Mexico grows at the rate of 5 percent per year, to reach the level that the United States was at in 2005? (hint: How many times would Mexico’s 2005 real GDP per person have to double to reach the United States’ 2005 real GDP per person?)
Consider an economy with five assets: 1) Cash 2) Checking Accounts 3) Savings and Money-Market Accounts 4) Bonds 5) Stocks. M1 includes asset classes 1 and 2, and M2 is the sum of M1 and asset class 3. The stock market crashes, and investors who were..
According to the description of business fixed investment, how would you expect a firm’s investment decisionsto be affected by a sudden increase in the demand forits product? What factors would determine the speed of its reaction?
The human resource manager of the XYZ Company makes the following claim: “Our workers make an average of $500 per week. We produce $6000 worth of output each week using only 10 workers. That averages out to $600 per worker per week. We should therefo..
q.the kentucky derby is held the first saturday in may at churchill downs in louisville kentucky. the race track is one
While virtually anyone with a degree in college chemistry could replicate the industry's formula, due to the relatively high cost, Semi-Salt has decided not to apply for a patent.
Consider a country’s trade off between the production of two ‘goods’: environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a trade off? Explain.
Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also the consumer has $288 to spend, and the price of X, Px=16, and the price of Y, Py=1: How much X and Y should the consumer purchase in order to maximize her utility? How much total u..
Determine the point price elasticity of demand for Tweetie Sweeties.Determine the advertising elasticity of demand.What interpretation would you give to the exponent of N?
As the manager of smith construction you need to decide on the number of homes to build in a new residential area where you are the only builder. How many homes should you build and what profits can you expect.
Elucidate what is meant by the paradox of mercantilism. Explain how was this reflected in mercantilist wage and population policies.
The data is listed per quarter, and real GDP data was calculated using 2005 as the base year. Fill in the columnns for the GDP deflator and for the percent increase in price level.
Use a production possibilities frontier to illustrate the production options. Be sure to label your drawing. Identify a point that is efficient.
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