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Go the Web site containing the Penn World Table and collect data on real GDP per capita (chained series) for 19770 for all available countries. Do the same for a recent year of data, say one year before the most recent year available in the Penn World Table.
After obtaining the data, answer the following questions:
Rank the countries according to GDP per person in 1970. List the countries with the 10 highest levels of GDP per person in 1970. Are there any surprises? Explain your answer.
Rank the countries according to GDP per person in the most recent year for which you collected data. List the countries with the 10 highest levels of GDP per person. Has the composition of the 10 richest countries changed since 1970? Explain your answer.
For each of the 10 countries you collected data for, divide the recent level of GDP per capital by the level in 1970. Which of these countries has had the greatest proportional increase in GDP per capital since 1970?
Is the main outcome of economics (high standard of living) the only relevant question in the realm of economic analysis? Do you agree? Is quality of life also significant?
A South America nation with fixed exchange rate system has close economic ties with USA symbolized through extensive trade and unrestricted flow of capital between two nations.
Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.
How many additional watches can be produced by an extra hr of labor? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide?
Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
How much will Jacob earn? What proportion of his annual salary will be economic rent? Why won't the advertising company for which Jacobs works be able to earn an economic profit?
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
What are the losses to U.S. consumers, gains to U.S. producers, and deadweight loss and what quota level would have the equivalent effect on price as the $6 tariff
Use the first order conditions for profit maximisation to show that a monopolist will never produce on the inelastic portion of his demand curve.
Explain how each of the events described above, affected the world market for oil. Specifically, use a supply and demand diagram to explain changes in price and output.
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
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