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Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability?
Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution and what are the mean and standard error of your sampling distribution
A researcher is interested in estimating the salary of management majors. it is known that the population of salary offers is normally distributed with a standard deviation of 4(in thousands of dollars). the sample yields a sample mean of 50. 1. c..
The XYZ Company has estimated expected cash flows [in thousands] for 1996 to be as follows: Calculate: a. expected value b. standard deviation c. coefficient of variation d. If the true cash flows are normally distributed with mean from (a) and stand..
julie has preferences for food, f, and clothing, c described by a utility function u(f,c)+f*c. her marginal utilities are Muf=c and Muc=f. suppose that food cost $1 a unit and that clothing costs $2 a unit. julie has $12 to spend on food and cloth..
Given the following information calculate the multiplier effect on Y, i.e. by how much does output increase or decrease by (Y), if Unless told otherwise, assume other factors are held constant. For example if you are told that only government spend..
Suppose an economy's real GDP is $38,000 in year 1 and $41,200 in year 2. What is the growth rate of its real GDP (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP = % Assume that population is 100 in ..
The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is "high enough" so that the firm's total costs exceed its total revenue.
Suppose the government imposes a price ceiling of $50 on a market characterized by the following information:Qd = 700 - 2P Qs = 100 + 4P Calculate the magnitude of deadweight loss from the price ceiling.
Suppose you want to buy a car. Sale price of the car is $18,427. You can afford to make a down payment of $3,427. The net amount to be financed is $15,000. If the dealer offers 6 year at 6.25% APR (compound monthly), what would the monthly payment..
In the second quarter of 2006, household income was $13,134 billion, consumption was $9,162 billion, investment was $3,340 billion, and net exports were -$777 billion. What was the level of government spending in the second quarter of 2006
the percentage undervaluation or overvaluation in the Big Mac, based on exchange rates in July 2009. Suppose purchasing power parity holds and in the long run, so that these deviations would be expected to disappear. Suppose the local currency pri..
Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: QP = 500 - 100PP + 1.2..
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