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The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960-2009. Under this scenario, what would be the net change in real GDP per person between 2009 and 2058?
1960 2009
Average labor productivity 45,438 99,763
share of population employed 37.8 46
Net change in Real GDP per person between 2009 and 2058 is? $_________
Assume an economy with a coal producer, a steel producer, and some concumers (no gov.) in a given year, the coal producter produces 15M tons of coal and sells it for $5 a ton. the coal producer pay $50M in wages to consumers
Assets Liabilities Total reserves $12 billion Transactions accounts $ 50 billion Loans $27 billion Securities $11 billion Total $50 billion Total $50 billion 22.3. If the required reserve ratio is 0.20, what is the unused lending capacity of the b..
Consider a consumer with the utility functionU(X,Y)=10Min(X,Y) , where Min is the minimum ofthe two values of X and Y. If the prices of the two goods are Px=$4 andPy=$8, and the consumer income is $60.
Suppose the market demand function is given by: Q = 100 - 2P , where Q: total quantity, P: market price. And in this market there are two firms with MC=AV=$10. Find each of the following: 1. Perfect competition price, quantity, and consumer surplus
In 2008, the per capita consumption of coffee in the United States was reported to be 4.2 kg, or 9.24 pounds. Assume that the per capita consumption of coffee in the United States is approxi- mately distributed as a normal random variable.
The St. Thomas Winery plans to open a new production facility in the Napa Valley of California. Based on information provided by the accounting department, the company estimates fixed costs of $250,000 per year
May Brothers Department Store has constructed a survey to learn purchasing intentions of a sample of sixty-two department store customers.
All cheese manufacturers have the cost function C=Q^2+9, while demand for cheese is given by Qd=120-P. The long run equilibrium number of firms is
The owner of an Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the restaurant operates will increase by 20 percent at the beginning of the year.
(a) select an appropriate economic criterionand estimate the production rate based upon it. (b) how could you maximize output with minimum input . explain
read the following article and answer the questions at the end.but i dont feel stimulated by john slaytonpresident
Jethro has been promised a payment of $1000, which is to be paid exactly 8 years from now. He is completely certain that the payment will in fact be made. Jethro believes that the appropriate discount rate is 5% per year, and that this will contin..
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