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Assume there is only one good in the economy,Wheat. The economy has enough labour capital, and land to produce Y=800 bushels of wheat. In 2005,M=2000 dollar, P=5 dollar/bushel.
1)Compute the nominal GDP and the velocity of money in 2005
2)Assume that the output remains unchanged in 2006, and the central bank increases the money supply by 5%, to 2100 dollar. Compute the 2006 values of the nominal GDP and P. Compute the inflation rate in 2006.
3)Now suppose that technological progress causes Y to increase to 824 in 2006, and the central bank increases the money supply by 5%, to 2100 dollar. Compute the inflation rate in 2006
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Calculate total cost and average total costs if demand is 450 per month and what happens to average total costs (ATC) when your production goes up from 250 to 450?
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The adjusted trial balance of Warbocks Corporation at December 31, 2014 includes the following accounts: Retained Earnings $12,600; Dividends $5,000; Service Revenue $30,000; Salaries and Wages Expense $15,000; Insurance Expense $2,000; Rent Expense ..
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