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U.S. postwar recessions
This question looks at the recessions over the past 40 years. To work this problem, first obtain quarterly data on U.S. output growth for the period 1960 to the most recent date from the Web site www.bea.gov. Table 1.1.1 presents the percent change in real gross domestic product. This data can be downloaded to a spreadsheet. Plot the quarterly GDP growth rates from 1960:1 to the latest observations. Did any quarters have negative growth? Using the definition of a recession as two or more consecutive quarters of negative growth, answer the following questions
a. How many recessions has the U.S. economy undergone since 1960, quarter 2?
b. How many quarters has each recession lasted?
c. In terms of length and magnitude, which two recessions have been the most severe?
A new bridge across the Allegheny River in Pittsburg is expected to be permanent and will have an initial cost of $30 million. This bridge must resurfaced every 5 years at a cost of $1 million. The annual inspection and operating costs are estimat..
There are two types of consumers of ice cream: 10 are rich and 50 are poor. Every rich consumer has a demand of 0 for a price of $500/ton; and his/her demand decreases by 1 ton each time the price increases by $1/ton. Every poor consumer has a dem..
An automobile is priced at $ 7,000. A buyer may purchase the car for $ 6,500 now, or alternatively, the buyer can make a down payment of $ 1,000 now and pay the remaining $ 6,000 in eight equal quarterly payments ( over 2 years)
in 2003 the market price for a 3000 square foot home in south tampa florida was 350000 and 358 new homes were built. in
Now, suppose workers come from two distinguishable groups, A and B, and there are no systematic productivity differences between the two groups. However, firms believe that ¾ of A workers are type H and only ¼ of B workers are type H.
Suppose that you have just been employed as a consultant to help a company decide which of 3-options to take to maximize the value of the company over the next three years.
a. What price and quantity will the monopolist produce at if the marginal cost is a constant $4 b. Calculate the deadweight loss from having the monopolist produce, rather than a perfect competitor.
suppose thurston, a color blind consumer, has 80$ to spend on either lime green or pink sweater. Thurston does not care what color sweater her wears but deems it very important to buy as many sweater as possible with the 80 $. Pink sweater cost 20..
A price-taking firm's variable cost function is C = Q3, where Q is the output per week. It has an avoidable fixed cost of $2,000 per week. Its marginal cost is MC = 3Q2. What is the profit maximizing output if the price is P = $192
Chad's income went from $1000 per week to $1500 per week.As a result he increased his consumption of steak from 1 pound aweek to 3 pounds a week. Based on his consumption patterns,what is the income elasticity of steak for Chad.
A firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cot of other variable inputs is $400,000 per day. Assume that total fixed cost equals..
Imagine a manufacturing industry that produces 100 million units of compact digital cameras annually in the US market. Suppose the minimum efficient scale (MES) for the production of digital cameras is 10 million units annually.
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