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Calculate the real GDP in each year, assuming that the nominal GDP was $559 billion in the base year, $577 billion in year one, and $605 billion in year two; and that the price index rose from 100 to 104.5 in the first year, and up to 108.3 in the second year. If the price index 20 years before the base year was 41.2, and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year? Show your work in all cases.
Describe significant current trends related to IT in a business setting and your personal life. What are the pros and cons to the increasing use of technology to disseminate information.
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
The question asked that assume that the aggregate demand curve.
Price benefit analysis of an irrigation project describes the ratio of the discounted current value of benefits to costs is less than one.
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
Read the following text and answer the questions below: Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
Illustrate what did the USA do like other countries as well after the first oil price shock.
What is your marginal revenue and marginal cost functions? To maximize profits, how much should you produce at plant 1? At plant 2? What is the price that maximizes profits?
Estimate total revenue function and the marginal revenue function with just this information.
Illustrate what would you expect to see happen to the cost of a checking account if banks could not make loans. What would happen to the amount of investment made by businesses.
What will be the hours of work in the hospital and in the clinic to maximize income? What will be the income earned by the physician per day? Show your work.
Important information regarding calculating elasticity for each of the given variables
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