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GDP trends
Use the following data to answer questions 1-3 (be sure to provide all calculations).
Quantities Produced Quantities Produced Prices
CDs Tennis Racquets CDs Tennis racquet's
Year 2004 110 200 18 90Year 2005 120 210 20 95
Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?Calculate the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?Now calculate real GDP for 2004 and 2005 using 2005 prices. By what percent did real GDP grow?Review the GDP information for the past few years from the Bureau of Economic Analysis's Website. Provide a brief summary of the GDP trends over that timeframe and discuss two or three events which may have caused these trends.
Consider the following two good pure exchange economy: Alfred's utility function is U A (x, y) = min{x, y} and Bob's utility function is U B (x, y) = max{x, y}.
In what ways do the offering MBA courses at other locations create producer and consumer borne value to both the university and the malls? What factors affect the ability of the university and malls to capture value?
Which of these would cause the demand curve for bison (American buffalo)
Your company is considering an investment project that will generate after-tax cash flows of $1,000 per year for the next three years (and then be scrapped, with no salvage value).
Illustrtae what are the advantages and limitations of International Trade identified in the simulation.
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Determine the profit-maximizing quantity for a monopolist. You can ask the firm's to draw the firm's revenue and cost curves
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Compute the marginal cost in the given case. Illustrate what is the marginal cost with 8 workers to two decimal places.
From this information, can you devise a general rule explaining how the Herfindahl-Hirschman index is affected when exactly two firms in the market merge? (Hint: compare a2 + b2 with (a + b) 2)
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
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