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In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 125. What was the percentage change in per capita real GDP between 2016 and 2017?
In preparing the actual forecast numbers, the forecast staff should
A major defense supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
Cigarettes are also heavily taxed. Illustrate what effect does this tax have on cigarette consumption
Credit Card issuer have culture that focus on growth by targeting financially strapped people. Assume that you are a member of congress, what would you do? Create legislation that does not allow credit-card issuers to raise interest rates for those w..
Some economists and policymakers argue in favor of replacing the current income tax in the USA with consumption tax. What are your opinions on the issue? How do think such change impacts your income and expenditure pattern? Which tax methods do you p..
"The problem with economic policy becomes most obvious when attempts are made to tinker with little economic changes, as the tools governments have at their disposal are too crude." This statement is a criticism of
A California grower has a 50-acre farm on which to plant strawberries also tomatoes. The farmer needs to know the number of acres of strawberries also tomatoes to plant to maximize profit.
Explain why study pure competition if actual purely competitive markets do not exist? What can we learn from highly competitive markets. Briefly discuss.
John’s preferences over toothpaste (good 1) and beer (good 2) are represented by utility function u = ln x1+ x2. Prices are given by p1 and p2, and he has income of m. What fraction of his income does he spend on toothpaste?
If the government removes a tax on a good, then the price paid by buyers will
Discussion surface area and volume play a role in marketing products, such as advantages and disadvantages. Give specific examples and include related information when appropriate, such as surface area, lateral area, cross section, etc.
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
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