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Accounting for Labor Productivity Growth
Real GDP per hour worked in the United States grew by 2.17% per year from 1949 to 2009, and capital per hour worked grew at the rate of 2.27% per year during the same years. As we saw earlier, total factor productivity grew at a rate of 1.41% per year. We also saw that total factor productivity growth was the most important determinant of real GDP growth. Is total factor productivity growth also the most important determinant of real GDP per hour worked?
Assume the graph below represents the market demand for a patented prescription drug together with the marginal cost and average cost functions for producing the drug. Draw the marginal revenue function for this firm.
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
Compute the 10-year growth rate forecast using the constant growth model with yearly compounding, and the constant growth model with continuous compounding for each occupation.
In a 2009 Newsweek article, The 50 Most Powerful People List, there are 3 bankers who are listed as the 4th, 5th, and 6th most powerful people in the world. Read the following article on the "Economic Triumvirate": Downloadable pdf version: The Glo..
In turn, what factors influence the level of investment what sort of government policies or programs are capable of stabilizing employment and dampening the business cycle How do these policies work
Elucidate what does the US government hope to achieve through the use of its antitrust policy.
A large processing plant is trying to decide between two air scrubbing units. The unit is required by clean air regulations and will be replaced by an identical unit of itself at the end of its useful life into the foreseeable future.
Elucidate what output level does average variable cost reach its minimum value. What is the value (in dollars) of the average variable cost at its minimum point.
Should a country's income be distributed to its members according to their contributions to the members' requires? Should society attempt to equalize income/economic opportunities?
While many thought that 2008 fiscal stimulus plan explained in the feature on pg. 174 was a good idea, some did not. Some even think that Congress did not go far enough.
Suppose that the town of Grayrock had a population of 10,000 in 1998 and a population of 12, 000 in 2003.
Illustrate what are the long-run effects on prices, output, and profits in monopolistic and monopolistically competitive industries.
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