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Suppose that since some base year, the the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period -expressed in base-year dollars of value? Real GDP = $_____ billion base-year dollars [Answer with a 3-digit number only, please]
For simplicity, let's assume that every household has a marginal propensity to consume (MPC) of 0.75. If the government implements a fiscal policy involving its purchases of goods and services, by how much should government purchases
The inflation rate would rise naturally as it always has the trick is to keep the supply of product as closely inline with consume needs. This can be done in many ways. If you see prices of a certain product climb you should look at ways to slow t..
Among perfect competition, monopolistic competition, oligopoly, and monopoly, how would you classify the markets for each of teh drinks.
1.question why does a business need to understand elasticity of demand?2. the schedule below is for beer pricequantity
Suppose in the short run a perfectly competitive firm has variable cost = 6q2, and MC = 12q where q is the quantity of output produced. Also, the firm has fixed cost F = 6144.
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
1.why would suppliers be willing to accept prices that cover variable costs but do not cover total costs? how does the
What is the current rate of unemployment (See bls.gov and indicate the month you are reporting)?
Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for good..
you have been part of the orthopedic center for 5 years. in that time you have seen the center grow and the need for
Describe the effects of each of the following managerial decisions or economic influences on the value of the firm: 1. The firm is required to install new equipment to reduce air pollution.2. Through heavy expenditures on advertising, the firm's mark..
the big mac price index computed by the economist has consistently found the u.s. dollar to be undervalued against some
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