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Suppose that since some base year, the the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period -expressed in base-year dollars of value? Real GDP = $_____ billion base-year dollars [Answer with a 3-digit number only, please]
Normal 0 false false false EN-US X-NONE X-NONE Suppose that before the dro..
part -11. write down the households budget constraints for period 1 and 2 and identify the current account.2. derive
Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or at other potential jobs
What factors (determinants) will cause a change in demand and what factors (determinants) can cause a change in supply? Can you give any current examples of a determinant of demand that you see changing in any industry or marketplace or a determinant..
Suppose the marginal cost of abating X units of pollution is given by MC(X) = 2X and marginal benefits are MB(X) = 10-2X. Suppose Current pollution = 4 = Xmax. What is optimal level of pollution abatement, X*?
for parts a through d of this problem determine whether supply or demand will change only one will change in each case.
Derive the equation for the sort-run aggregate supply curve, given that the nominal wage rate equals 50. Compute the amount of short-run aggregate supply when the price level equals 2.0, 1.25, 1.0, 0.8, and 0.5. graph the short-run aggregate suppl..
Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages.
shut down her business in the short run but continue to operate in the long run. continue to operate in the short run but shut down in the long run.
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
Firm A makes and sells electric cars. The total cost is the sum of the costs of frames, assembly, engines including batteries.
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