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Suppose that work hours in New Zombie are 300 in year 1 and productivity is $14 per hour worked. What is New Zombie's real GDP? _____$
If work hours increase to 320 in year 2 and productivity rises to $16 per hour, what is New Zombie's rate of economic growth?
Rate of growth =_____ %
What is the expected value of the lottery? What is the variance of the outcomes?
Consider an air basin with only two consumer, Huck and Matilda. Suppose Huck's demand for air quality is given by q_h=1-p where p is Huck's marginal willingness to pay for air quality. Similarly, Matilda's demand is given by q_m=2-2p. Air quality ..
Use the line drawing tool to draw a line showing the relationship between the number of deliveries (on the horizontal axis) and your total cost (on the vertical axis). Draw the lnie between zero and 20 delieries. Label this line 'Cost'.
A country has the per-worker production function, y=5k^1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=..
Some nations have very different economies. In the absence of market-set prices, how are prices determined for household goods.
The socialist economy of Soviet Union can be looked at as one huge enterprise. Describe the main organizational task to run this or any enterprise. What are the similarities with and differences to a "normal" enterprise in a market economy
Calculate GDP using each of the three approachesb. Calculate the current account surplus and GNP. If the coal producer is instead owned by foreigners, what is GNP?
Discuss the importance of the average, the trend, the seasonality, the cyclical, and the random portions of the variation in a data series when trying to forecast the quantity demanded of a firm's product. A time series consists of a number of comp..
Elucidate how the money multiplier facilitates the creation of money by the banking system and cite resources.
Discuss the economic concept of "marketequilibrium" including information on supply and demand theories.Essay length should be approximately 350 words, or about onepage.
Show your budget constraint between labor and wages, and show your optimum point.b. Suppose that the tax law is changed so that all wages are subject to a 25% tax. Do you now work more or less than 10 hours? Does the government collect more or les..
Assume that firm #1 is the Leader. For this firm, calculate von Stackelberg profit maximizing level of output. Calculate the market price in von Stackelberg equilibrium and compare it to the Cournot-Nash equilibrium price.
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