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Below are some data from the land of milk and honey.
Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey2005 $1 100 quarts $2 50 quarts2006 $1 200 $2 1002007 $2 200 $4 100
a. Compute nominal GDP, real GDP, and the GDP deáator for each year, using 2005 as the base year.
b. Calculate the percentage change in nominal GDP, real GDP, and the GDP deáator in 2006 and 2007 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.
c. Did economic well-being rise more in 2006 or 2007? Explain.
Elucidate how many of the variable input should the firm utilize to maximize profits? Please verify. Note which in order to do this you want to utilize costs.
Which information culture can cause an organization to have a great degree of difficulty operating.
Elucidate how would you improve this survey to better reflect the needs of the consumer.
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
Two Processes are under consideration for a certain production. Process A needs acquisition of a new machine which is estimated
sofa manufacturer presently is using 50 workers also 30 machines to produce 5,000 sofas a day.
Utilize these new diagrams to Elucidate the long-run which will take place in this industry.
Elucidate what would be according to your opinion the right mix of monetary and fiscal policies for years 2011-2012. Elucidate what would be according to your opinion the appropriate structure of your investment portfolio.
What is a budget deficit. Explain how are budget deficits financed? Why do Keynesians believe that budget deficits will increase aggregate demand.
Explain how the market will respond to the new product. If demand is high, then it's worthwhile to make the extra investment for special facilities also equipment needed to produce the component internally.
Elucidate five specific actions which can be expected to cause the equilibrium of ice cream to increase.
Assessing the development of the discipline from today's perspective, how would Keynes's impact compare with that of your candidate.
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