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Collect annual data for nominal Gross Domestic Product and real Gross Domestic Product for the years 1950 through 2014. Using Excel, put nominal GDP in the first column of your spreadsheet and real GDP in the second column of your spreadsheet.
Then, graph both series of data on the same graph using a line graph. Place the graph to the right of the data columns in your spreadsheet.
Can you tell from looking at the data if the U.S. has had positive inflation rates for most of the years in the data series?
How can you determine the base year from looking at the graph?
Submit your spreadsheet, titled with your last name, to the Dropbox on the course website.
Suppose that Mensa Inc. is a representative firm operating in a perfectly competitive industry. Mensa's total cost of production, TC, is given by the equation TC = 5,000 +5q2, where q is Mensa's output. How much profit does Mensa make at that outpu..
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
Additionally, due to innovations in the financial system, the velocity of money is rising at 2% per year. If the Fed wants to maintain a zero-inflation monetary policy, at what rate must in increase the money supply What if they want to keep infla..
Select a representative natural ecosystem in your area or one in which you are interested-such as a lake, preserve, or park-that is managed for native species.
The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.
Suppose demand for widgets is given by the equation P=20-0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit. How much total tax revenue is raised by the tax
Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each (a) Compute nominal GDP in ..
a. Suppose that if the wage is raised a second time to $40 per hour, the number of cars sold rises to an average of 2.5 per day. What is now the labor cost per car sold b. If the firm's goal is to maximize the efficiency of its labor expenditures
For the consumer price index (CPI) values shown, calculate the rate of inflation in each year from 1930 to 1933. Year: 1929 1930 1931 1932 1933 CPI: 51.3 50.0 45.6 40.9 38.8
It is often claimed that "differencing" the regression model will reduce the degree of autocorrelation. Consider this claim by using as the model: yt = xt + ut and ut = ut1 + t where (t) is white noise with mean zero and variance 2.Show that the ..
Given PxX + PyY = I and the information in question one above and a point system where px = 2, py = 8 and the number of points available is 450, is the consumer constrained by points If so, what is the consumption point
During a recent home stand, suppose the club offered $5 of the $12 regular price of reserved seats, and sales spurted from 3200 to 5200 tickets per game. A. Derive the funcion that describes the price-output relation with price expressed as a funct..
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