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Calculate the value of the market basket for each year given the price in the table blow. also calculate the price index for 2014 and the inflation rate for 2014. assume that the market basket consists of 150 container of yogurt 300 cups of coffee and 200 cookies in 2013 but in 2014 in consists of 200 containers of yogurt 150 cups of coffee and 150 cookies
price in 2013 price 2014
price of yougrt $1.25 $1.50
price of coffee $1.35 $1.50
price of chocolate $1.25 $1.50
What does it mean to index a payment to the CPI and why is it done ?
Tracy has utility given by U(F,H) = FH^2. Last week Tracy had an income of 6 and the price of food was 1, the price of housing was 1. This week Tracy has income of 12, the price of food is 1/2 and the price of housing is 4. Find Tracy's optimal it co..
Suppose that two price-quantity demanded combinations for some product are ($1.20, 90 units) and ($0.80, 110 units). Using the mid points variation of the arc own price elasticity of demand formula, calculate the coefficient of elasticity for both..
explain how would this change affects the optimal investment rule for the firm.
The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. What is the probability that a customer will have to wait more than 15 minu..
Carefully explain the concept of the reaction function in duopoly analysis.
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A deposit of $3,000 is made in a savings account that pays 7.5 percent interest compounded annually. How much money will be available to the depositor at the end of 16 years?
Assume that there are only two goods in the economy: video games and water. The total amount of these goods are given, there is no production. The world is inhabited by two people: Ann and Bob.
Mary Graham worked as a real estate agent for Piedmont Preoperties for 15 years. Her annual income is approximately $100,000 per year. Mary is considering establishing her own real estate agency. Determine the (pre-tax) accounting profit for this ve..
Perform an annual equivalence analysis for the two options, and state which is the better option and why. Calculate the present worth of the incremental system (1 - 2): and state which option is better and why.
Alex earns $85,000 per year and decides to invest 12% of his salary in a savings account with a return of 7% at the end of each period for 10 years for future use. a)If his salary increases by 2.5% every year, What would the future worth of his inves..
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. It is important to have the right mix of policies and that al..
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