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Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is now widely used by policymakers, economists, international agencies and the media as the primary scorecard of a nation's economic health and well-being.
Yet the GDP was never intended for this role. It is merely a gross tally of products and services bought and sold, with no distinctions between transactions that add to well-being, and those that diminish it. Instead of separating costs from benefits, and productive activities from destructive ones, the GDP assumes that every monetary transaction adds to well-being, by definition. It is as if a business tried to assess its financial condition by simply adding up all "business activity," thereby lumping together income and expenses, assets and liabilities.
But how can we be curtain that higher GDP is better for our way of life if GDP does not calculate social costs such as pollution?
Mike’s Mechanical Men produces radio controlled robots. If its average costs of production are $25, its fixed costs equal $2,500, and it charges $75 per robot, how much revenue must be generated to earn a profit of $5,000?
Describe what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run?
then an initial increase in aggregate demand of $100 billion will eventually shift the aggregate demand curve to the right by.
q1. when the firms in the industry are just able to cover their cost of production economic profit is 0. consequently
q.use the following hypothetical demand schedule for movies to do exercises 1-4.quantity demanded price elasticity100
q.assume that the equation for demand for bread at a small bakery is qd 60 - 10pb 3y where qd is the quantity of
Many argue that breaking up a monopoly is a Pareto-efficient change. This interpretation cannot be so because breaking up a monopoly makes its owners (or shareholders) worse off. Do you agree or disagree.
Illustrate what might you consider to be your "fixed factor". Illustrate what alternative decisions might you be able to make in long run.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price $2/unit of food. draw the budget constraint for the individual with the composite good on the y-axis and food on the x-axis..
Calculate the price elasticity of demand for Newton's Donuts
In the immediate market period for a highly-perishable crop like tomatoes, the individual farmer's supply curve tends to be:
What can you say about the level of the real interest rate if people instead are risk averse.
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