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Assume an economy with a coal producer, a steel producer, and some consumers (there is no government). In a given year, the coal producer produces 15 million tons of coal and sells it for $ 5 per ton. The coal producer pays $ 50 million in wages to consumers. The steel producer uses 25 million tons of coal as an input into steel production, all purchased at $ 5 per ton. Of this, 15 million tons of coal comes from the domestic coal producer and 10 million tons is imported. The steel producer produces 10 million tons of steel and sells it for $ 20 per ton. Domestic consumers buy 8 million tons of steel, and 2 million tons are exported. The steel producer pays consumers $ 40 million in wages. All profits made by domestic producers are distributed to domestic consumers. (a) Determine GDP using (i) the product approach, (ii) the expenditure approach, and (iii) the income approach.
Illustrate what is the lowland of far southeastern India that borders the Indian Ocean also contains the city of madras.
What does the economy look like when the economy is in an unemployment gap? What type of unemployment rate is it compared to the Natural Rate of unemployment? What about inflation?
Use the orange points square symbol on the graph below to plot the short-run industry supply curve for the wheat industry.
Pocoyo bakes cookies also Pato grows vegetables. In which of the subsequent cases is it impossible for both Pocoyo also Pato to benefit from trade.
Households deposit $5,000 in currency into the bank that is added to reserves. Illustrate what level of excess reserves does the bank now have.
What is the dominant source of capital funding in the United States? Given this result and the fact that most corporations are net borrowers, what decisions must most managers face in order to address this financial deficit?
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
Determine its level of profit. (b) Suppose that a fixed costs increase to $75. Verify that this change in fixed costs does not affect the firm's optimal output.
(The Long-Run Industry Supply Curve) A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium
A machine has a current salvage value of $10,000, which will drop by $2,000 per year. The maintain costs will be $1,250 per year. What is the marginal cost to extend the service for 1 year, at 8%?
you will explain the impact of employment and unemployment in a free market economy. The country of France legislated the maximum length of a workweek. Because Americans tend to work more hours than Europeans, should the US government also legislate ..
q.suppose that a group of sonoma county buy local advocates propose a complementary currency that can only be used to
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