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1. Why is the growth of per capita real GDP a better measure of economic growth than the growth or real GDP?
2. What is the level of output after four years of initial output equals $1000 and the economy grows at a rate of 8 percent a year.
The machine will be operating 2,500 hours per year with annual maintenance and operating costs of $6,000. Using an interest rate of 15%, what will the hourly cost be to run this machine?
At 10$ per pizza, 100 pizzas were demanded. At 9$ per pizza, 125 pizzas were demanded. When the price of pizza falls from $10 to $9 what is the price elasticity of demand?
Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
Reverse Innovation is the strategy of innovating in emerging (or developing) markets and then selling these innovations in developed markets.
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
Explain the importance of variation to health-care organizations and answer the following questions. What might be the key processes for health-care organizations? What are the potential common causes of variation that would have an impact on the key..
The demand function for a particular brand of LCD TV is given by p=2800-35x where p is the price per unit in dollars when x thousand television sets are sold. Determine the number of sets that must be sold in order to maximize the revenue.
Why short run aggregate supply curve is positively sloped? Why long run aggregate supply curve is vertical? Depict graphically the equilibrium in the aggregate demand and aggregate supply model? Explain how short run aggregate supply shifts affect th..
Now take a Rawlins view and assume that the social welfare function is the level of utility of the individual with the lowest utility level. Using the data from Problem 1, and again assuming there are eight oranges, what is the social welfare associa..
Which countries (and groups within a country) most likely oppose international labor standards? Explain why. Explain why some countries use voluntary export restraints (VER) instead of import quota? List and explain at least three reasons as to why c..
When quantity supplied increases at every possible price, we know that the supply curve has
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