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4. Suppose that in 1994 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1994, each bucket of chicken was priced at $10. Finally, assume that in 2015, the price per bucket of chicken $16 and that 22,000 buckets were produced. a. Determine the GDP price index for 1994, using 2015 as the base year. You MUST clearly show the formula, and your work. b. Determine the GDP price index for 2015 (again, using 2015 as the base year). c. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? You MUST clearly show the formula, and then your work.
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
Consider an investment portfolio of $50,000 in stock A and $50,000 in stock B. The expected value of A is 9.5% and B is 6%. The variance of A is 13% and the variance of B is 8%.
We said that an uncrowded country club gulf course has the aspect of a publc good.Why? Is it still a public good if it becomes crowded and people's game are slowed down?
suppose that there are two products clothing and soda. both brazil and the united states produce each product. brazil
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50.
suppose that you are in charge of designing a product campaign for a new shampoo. this campaign will include among
dayton metal corporation dmc a medium-sized manufacturer of fabricated metal parts is considering whether to enter the
What are the short- and long-term economic benefits and costs associated with our current high federal government budget deficits Do you think the economic benefits outweigh the economic costs, or not Why If we wished to reduce the budget deficit t..
Why did the prices of the other items change? What is the probable impact of the change of other items in the CPI basket?
why are trade agreements important for the various countries involved? how is international trade related to the u.s.
. In a sample of 300 houses, the sample average price was found to be $196,340. Assume the variance of house prices is 120,000,000. Let random variable X denote house price, and ? denote its unknown population mean, E(X) = ?. For each of the follo..
Based on the Solow model, how would each of the following affect consumption per employee in the long run? Describe and illustrate your answer graphically.
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