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In class we discussed the calculation of GDP in the Coconut/Restaurant economy. In recitation on March 18, your TA discussed the calculation of GDP in the Jimmy Buffett economy. This question is similar to these (and is from a past midterm). It will give you further practice in doing these calculations. A chemical company sells $1,000 worth of MiraclClean to a well known retailer, T*rg*t. The chemical company pays rents of $200 and pays wages $500 to workers. The owner of the company keeps the rest as profit. A pet food producer sells $2,000 worth of WondaChow to T*rg*tTM and exports $800 to dog-loving inhabitants of Peladon. The pet food producer pays rents of $600 and $1,400 to workers. He keeps the rest as profit. T*rg*tTM buys $1,000 worth of MiraclClean and $2,000 worth of WondaChow. It also imports 800 decorative mugs from Peladon at a cost of $800. It sells all the MiraclClean and WondaChow for $4,000 and half the mugs at a price of $2 a mug to customers. It spends $1,000 on labor and rest of the revenue is distributed to shareholders. Unsold mugs are kept by T*rg*tTM for sale in a later period. (a) Use the production approach method to calculate GDP. (b)What is total consumption, total investment, and total net exports?
What is its short run total variable cost function SVC? Short run average variable cost function AVC? Could you conclude that average variable cost is always less than marginal cost? What is the minimum price that the firm is short run profitable (fi..
What steps can a government take to ensure that sustainable development is always considered in assessing which major economic projects or investment proposals to accept.
A $200,000 bond having a bond rate of 7% payable annually is purchased for $188,000 and kept for 5 years, at which time it is sold. How much should it sell for in order to yield a 9% effective annual return on the investment?
Describes three approaches to staffing policy: ethnocentric, polycentric, and geocentric. When is each approach appropriate?
Imagine that politicians have decided that fuel prices are excessive for U.S. drivers and have passed a law that grants the power to regulate retail fuel prices to the U.S. Department of Energy. • How might supply and demand for fuel be affected by f..
What does Disney do best to connect with its core customers? What are the risks and benefits of expanding the Disney brand in new ways?
Home price escalation in the U.S. during 2005 fuelled booms in:
If Professor P chooses x and s to maximize her utility subject to the constraint that Mr. A is willing to work.
To assess the impact of those mergers,on industry on consumers and on society as a whole.
Suppose the government of a desert community wants to punish excessive water usage, where "excessive" is defined as any usage greater than 100 gallons/week. to do this, the government paces a flat $100 income tax on anyone who consumes more than 100 ..
Draw a demand–supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand–supply curve. Compare the new demand curve or supply curve by drawing it on the same graph.
China and India are two countries that are leading the way in reducing global warming. A market is a logical extension of a decentralized system in which entitlements are assigned and can be traded.. Social efficiency is gained when collective well-..
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