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1. Define nominal and real GDP. Are these flow or stock concepts? Explain why the differences between nominal and real GDP are important
2. Define the implicit price deflator. Where does this concept come from? How does it relate to nominal and real GDP? How does the implicit price deflator differ from the consumer price index (CPI)?
3. We discussed alternative views of GDP from the perspectives of expenditure, income, and production. What are the basic differences in these approaches? Why do they add to the same total for GDP?
4. What are some of the shortcomings of real GDP from a welfare perspective? Do you have any practical suggestions for revising the computation of GDP to achieve a better measure of welfare?
Outline a plan that managers in the low-calorie, frozen microwaveable food company could follow in anticipation of raising prices when selecting pricing strategies for making their products response to a change in price less elastic. Provide a ration..
In 2008, the government initiated an $8,000 tax credit for first-time homebuyers in an effort to stimulate the housing market. This means that all first-time homebuyers in 2008 were eligible to take an $8,000 deduction from their taxable income for t..
Future Economic Impact: At present there are a few notable industry leaders that have strong opinions on AI, its future, and its impact on humanity. Explain these opinions and critically critique them.
If a large firm is found to possess monopoly power, what else is needed to find the firm guilty of monopolization? Why is possessing monopoly power insufficient for illegality? Explain the relevance of the “applications barrier to entry” in the Micro..
Monopolistically competitive firms is that they do not operate at the minimum of their Average Total Costs – in other words, they could increase production and decrease their average costs – why don’t they?
Use a diagram to show whether society (including only those who were in the country prior to immigration and not the well-being of the immigrants) is better off or worse off following immigration. Explain your diagram as necessary.
Suppose there is a reduction in the saving rate. Explain what effect this will have on output, output per worker, the rate of growth of output, and the rate of growth of output per worker and consumption per worker
Illustrate which of the three cases, if any, do you think that demand has increased more rapidly than supply. Explain your reasoning.
Consider these bundles: Bundle A: 2DVDs and 3 Cds; Bundle B: 3 DVDs and 1 CD; Bundle C: 1 DVDs and 3 CDs. Which of the following violates the assumption of non satiated preferences?
Would you expect the demand for a monopolistically competitive firm’s product to be more or less elastic than that for a monopolist’s product? Explain.
Suppose the restaurant’s cost function for shrimp balls is C(Q) = 2500 + Q + Q2, and the marginal cost curve is therefore MC(Q) = 1 + 2Q. What is the variable cost function? What is the average variable cost function? What is the average cost functio..
1. price discriminationa. indicate the types of price discrimination for the cases below. based on the above examples
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