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Andrew's problem. An economy produces three goods: cars, guns, and blueberries. The price of each is $2.
(a) Households buy 5 houses and 45 apples, eating them. The government buys 5 guns. There is no other economic activity. What are the values of the different components of GDP (consumption, investment, government spending, exports/imports)?
(b) The next year, households buy 5 houses and 45 apples. The government buys 5 guns. Farmers take the seeds from 5 more apples and plant them. Households then sell 5 apples to France for $2 each and buy 5 bananas from Mexico for $4 each, eating them too. What are the values of the components of GDP?
(c) Return to the economy in part 3a. The government notices that the two richest households consume 20 apples each, while the ten poorest consume one each. It levies a tax of 15 apples on each of the rich households, and gives 3 apples each to the 10 poorest households. All other purchases by households and the government are the same as in (a). Calculate the components of GDP.
Mable has balanced the cost against the benefit of bringing a lawsuit against Harvey. She has decided to sue him for monies owed to her as per a contract the two entered into. However, she would much rather settle her case at the pretrial hearing.
An Interpretation, Princeton Essays in International Finance 64, International Finance Section, Department of Economics, Princeton University, February 1968.) Do you agree with Swoboda's interpretation?
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If sales fall by 20 percent from 1 million papers per month to 800,000 papers per month, what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these costs?
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