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In year 1 and year 2, two products are produced in a given economy, bicycles and computers. Suppose there are no intermediate goods. In year 1, 500 bicycles are produced and sold at $500 each, and in year 2420 bicycles are sold at $600 each. In year 1, 300 computers are sold for $800 each, and in year 2, 355 computers are sold for $850 each.
Calculate nominal GDP in each year.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using alternatively the first and second year as the base year. What is real GDP growth using the chain weighted method? Show that real chain-weighted GDP in year 2 using year 1 as the base year is equal to $491, 470.
Calculate the implicit GDP price deflator and the implied percentage inflation rate using year 1 as the base year. Calculate the CPI and the CPI inflation rate using the same base year. Can you explain why the CPI inflation is different from the one computed from the GDP deflator? Is it a systematic feature that you would expect?
Suppose that the demand for bentonite is given by Q = 40 ? 0.5P, where Q is in tons of bentonite per day and P is the price per ton. Bentonite is produced by a monopolist at a constant marginal and average total cost of $10 per ton. How much profit i..
A press release is a story that will be interesting to the readers. Identify a current event that has taken place in the last six months, and calls for a press release. Then, write a press release that incorporates your knowledge of the audience and ..
Discussion Consider and discuss the effects of access to health care insurance on the overall health of the population and whether access to health care insurance improves, diminishes, or has no effect on the overall health of individuals.
Why does the government grant patents to investors? Why does the government give monopoly power to utility companies?
Which of the following must be true in an economy with a government but with no foreign trade?
An improvement in production technology for a specific good will cause a(n):
As a result of a decrease in the value of the dollar in relation to other currencies, the level of American imports and exports change. Consequently, there is a(n): increase in short-run aggregate supply. Decrease in the quantity of aggregate output ..
Suppose that the economy is initially in a steady state and that some of the nation’s capital stock is destroyed because of a natural disaster or a war. Determine the long-run effects of this on the quantity of capital per worker and on output per wo..
A game everyone knows is coin flipping. Suppose that Player 1 flips the coin (and is so skilled that he is able to flip it whichever way he wants) and Player 2 calls heads or tails. Does either player have a dominant strategy? If so, which player and..
A student intern discovers the following about the demand by local businesses for attendance at a pro sports team's games: PB = $140 – 4 AB where PB is the ticket price paid by businesses, measured in dollars, and AB is their attendance measured in t..
Assume that your current university is the only institution offering online MBA program. Assume also that there are clear advantages of online program over brick and mortar school - such as the flexibility. Which alternative would be better for your ..
Due to the changing environment and external triggers, contingency planning is necessary. What qualities make a future issue a “trigger”? Consider you are on the strategic planning team for a soft drink company. Here is your company’s future trigger:..
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