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Consider an economy with three goods - wheat, flour and bread. Wheat and flour are intermediate goods (non-durable capital goods) whereas bread is the only consumer good and no inventory of any good is maintained.
Assuming wages and profits are the only forms of income, construct an example showing the payments of the producers of the three goods (including inter-producer payments).
Calculate the GDP of this imaginary economy using the product, income and expenditure methods. Explain how these methods deal with the problem of double counting in the calculation of GDP.
At the end of the year, a firm produced 40,000 laptop computers. It's total cost were $10 million and its fixed cost were $5 million. What are the average variable cost (to the nearest dollar) of this firm?
Explain why a perfectly competitive market is allocatively efficient but a monopoly market is allocatively inefficient. How might an excise tax (subsidy) be used to eliminate the deadweight loss associated with monopoly?
Explain how large a decline in the value of bank assets would it take to reduce this bank's capital to zero.
q. suppose that the mpc 0.8 and that 14 trillion of real gdp is currently being demanded. the government wants to
Price outcomes of the 5 oligopoly models differ substantially. Which models produces the lowest and highest total profits (all firms combined)? What are the predicted prices? Provide aviation industry examples of routes or markets that might approxim..
Suppose that initially the quantity demanded for good X was 98 units per week. When incomes rise by 5% quantity demanded becomes 102 units per week. Use the midpoint method to calculate the income elasticity of demand for good X. What type of good is..
Fed's policies both in terms of the positive also negative consequences of such policies also in relation to the Keynesian also classical theories.
Your company manufactures two models of speakers, the Ultra Mini and the Big Stack. Demand for each depends partly on the price of the other. If one is expensive, then more people will buy the other. Find the prices for the Ultra Mini and the Big Sta..
q1. when the federal government decreases the individual and corporate income tax rates?q2. between sweezy oligopoly
Consider the following demand and supply equations: Qd= 200-5p Qs = -100+10p. What is the price and quantity in equilibrium? What is the value of consumer surplus? What is the value of producer surplus?
Use the following information for the next 9 questions. You should draw a graph that depicts the situation below and use your picture to answer the questions. Assume that wages and prices are sticky and that we start at a long-run equilibrium. Now as..
The Federal Reserve chairman acknowledged the economy was in a recession. What actions might the federal government take to give the economy a boost?
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