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a) Use the following table to find the real GDP in 2012 and 2004.
Item
Quantity
(000s)
2004
2012
Price ($)
C
15
200
250
I
9
8
12
11
M
13
112
110
X
125
132
b) What is the growth rate?
c) Is the Big Mac overvalued or undervalued, and what does this suggest for that country's GDP?Explain how we deal with the problem of price differences between countries.
Suppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is 1.25. Then we know that a demand is inelastic.
Which of your current costs are implicit, and which are explicit and suppose The Breakfast Club, Inc. offers to pay $800/month to use the building
a single monopolistic firm provides pick-up of recyclable goods bottles cans paper etc. in the city.the inverse demand
Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically. If all other things are equal, what is the likely effect on the poverty rate
Calculate the incremental profit that south park would earn by customizing its instruments and marketing them directly to end users.
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
The market demand curve for the industry is D(P) = 240- P/2. At the equilibrium market price, each firm produces 20 units. what is the equilibrium market price, and how many firms are in this industry.
Use the graphical method to determine how many of each type of boot should be produced and what are the shadow prices of materials and labour?
Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information. what is the total cost of production when the firm hires 7 workers.
in class we covered the concepts of producers and consumers surplus.a. with respect to different government policies
Which tool do you think is most commonly used If the Fed wanted to decrease the supply of money in the economy, would the Fed buy or sell securities in the open market and what would be the first effect of this policy.
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
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