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A mathematical approximation called the rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. Thus, if Mexico’s real GDP per person is growing at 7 percent per year, it will take about 10 years (= 70/7) to double. Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $13,000 per person, while it was about $52,000 per person in the United States.
If real GDP per person in Mexico grows at the rate of 5 percent per year, about how long will it take Mexico’s real GDP per person to reach the level that the United States was at in 2005? years.
Suppose trevor hires workers to cook hamburgers. If the first worker's marginal product is 6 hamburgers, the second worker's marginal product is 21, and the third worker's marginal product is 20, then the average product of labor is _____ hamburgers.
Suppose that, in the long run, a pizza firm’s variable costs are V C(Q) = Q2/2 (where Q is the number of pizzas produced each day), its marginal cost is MC(Q) = Q, and there is an avoidable fixed cost of $50 per day. In the long run, there is free en..
a. hypothetical demand curve for strawberries cost 43 cases of strawberries per harvest 34 thousand. illustrate cost
Demonstrate that inflation is always a monetary phenomenon in the long-run, and explain why it might not always be a monetary phenomenon in the short-run.
Describe the short-run impact that economic fluctuations and growth (or lack thereof) have had on aggregate supply, aggregate demand, output, unemployment, and inflation.
major league level to gain an advantage and the possibility of severe health problems for young children from continued use of the body mass enhancer now and in the future when baseball productivity might have been positively affected by the use of s..
one laborer can only produce either 5 unots of necessity per month or 10 units of luxury per month. On a graph draw the ppf. where does the ppf intersect on thy axis and where does the ppf intersect on the x aaxis.
A product has an arc elasticity of -0.8. at a price of $7.00, 1000 units are sold per period. In order to sell 1200 units, what will the new price be. Illustrate what is the revenue at the old price ($7.00)and the new price.
Which of the following is not part of the underwriting process
The political business cycle implies all of the following EXCEPT that:
Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and..
q.while the primary focus of the final project should be on your firms worldwide operations integrate information on
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