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Consider an economy that consists of a coal producer, a steel producer, and some households. In a given year, the coal producer makes 15 tons of coal and sells it at $5 per ton. The coal producer pays $50 in wages to households. The steel producer uses 25 tons of coal as an input to production, all purchased at $5 per ton. Of this, 15 tons are from the domestic coal producer and 10 tons are imported. the steel producer makes 10 tons of steel and sells it at $20 per ton. Domestic households buy 8 tons and 2 tons are exported. the steel producer pays $40 in wages. All profits made by domestic producers go to domestic households.a. Calculate GDP using each of the three approachesb. Calculate the current account surplus and GNP. If the coal producer is instead owned by foreigners, what is GNP?
Discuss whether each statement below is true, false or uncertain. Be sure to completely explain why, making use of appropriate equations, diagrams and so on.(a) A fall in the marginal cost of production of a monopolized good on which is levied ..
The country of Arkanslavia had money supplies of 183 million arkollars in 2010 and 644 million in 2011. They have real output of 791 arkollars in both years.
the demand for coffee is assumed to be p 15 - q units dont matter here. the domestic supply of coffee is p 2 q. the
Graph the isoquant that these calculations imply. Explain in very clear and complete terms why the isoquant has the shape that you observe.
what determines whether or not resources is scarce? Why is the concept of scarcity important to the definition of economics?
consider a market where demand is p 6 - q and supply is s p q.1. equilibrium quantity qe isa. 2b. 3c.
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
In the last decade or so there has been a dramatic expansion of small retail convenience stores (such as Kwik Shops, WaWa, 7-Elevens, Gas ‘N Shops) although their prices are generally much higher than those in the large supermarkets.
Cost-benefit analysis attempts to: a)compare the real worth, rather than the market values, of various goods and services. b)compare the relative desirability of alternative distributions of income. c)determine whether it is better to cut government ..
You are debating whether to reduce the risk by applying for the import license now and wait until it has been approved before committing yourself to purchasing the crude oil. The dilemma is that another petrochemical company may secure the deal be..
Two successful company's are observed with quite different compensation plans for their salespeople. One company pays its salespeople on a commission basis,
The second national bank of fullerton advertises an APR of 14% compounded monthly for student loans. Determine the APY? setup the solution on paper as well as on spreadsheet.
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