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Economists use the rule of 70 to quickly calculate the number of years required for a variable to double at a given growth rate. If the variable grows at the rate x% per year, then 70 divided by x (drop the percent) tells you the number of years it takes for this variable to double.
The article uses this kind of calculation to show the difference between labor productivity growth of 1.4% versus 2.5%. At a growth rate of 1.4% per year, labor productivity (and wages) will double every 50 years because 70 divided by 1.4 is about 50. A growth rate of 2.5% will double labor productivity every 28 years because 70 divided by 2.5 equals 28.
If the average employee compensation grew at the rate of 3.5% per year, how many years would it take for it to double?
Profits associated with polluting for Friedman Inc. are π = 40Q - 2Q2, where Q = pollution emitted (in tons), and profits are measured in dollars.
Does the lender gain or lose from this unexpectedly high inflation. Explain does borrower gain or lose.
Assume Arturo is willing to trade 6 burritos to Dina for each 10 tacos which Dina produces also send to Arturo.
If buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers.
This change undermines the marketplace for the replacement which is about twice the size of the marketplace for T3MP.
Elucidate however, you do not have to start making payments until you graduate from college 2 years from now.
Now suppose your utility functioin is U= (square root)Wealth. What is the maximum you will pay for the bike check-in now.
Define and explain the money multiplier. Identify the change to the money supply in the following situation: The required reserve ratio is 12.5 percent and the Fed increases the monetary base by $100.
Discuss the effects of HIV/AIDS on the economies of african countries. Making sure to discuss the sources of economic growth and the use of scarce resources.
Brenda Johnson has used a preprinted form that she got from the internet to create her will.
Illustrate what is an opportunity cost. Elucidate how does the idea relate to the definition of economics.
Explicates how every of these public polices involves demand for cigarettes by teenagers.
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