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Country A produces two goods, elephants and saddles. In the year 2006, the 10 units of elephants produced sold for $2,000 per unit and the 25 units of saddles produced sold for $200 per unit. In 2007, the 20 units of elephants produced sold for $3,000 per unit, and the 50 units of saddles produced sold for $300 per unit. Real GDP for 2007, assuming that 2006 is the base year, is
Compute the value of the price index for GDP for 2006 using 2005 as the base year. By what percent did prices increase.
A rural utility company provides standby power to pumping stations using diesel-powered generators. An alternative has arisen whereby the utility could use natural gas to power the generators, but it will be a few years before the gas is available..
Suppose that the economy is at full employment and government make decision to cut taxes to give the economy an extra boost.
No one can predict a natural disaster or world crisis. When a hurricane or flood or a pandemic strikes a country, who is most likely to respond first Which economic system is the best solution to handling a crisis of epic proportion
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
The kinked demand curve in an oligopolistic market is defined by the equations: P = 140 - 0.5Q, and P = 200 - 2Q. a) Derive equations for the marginal revenue curves. b) Determine the price and quantity at the "kink" of the demand curve.
Recently, students in a marketing research class were interested in the driving behavior of students. Specifically, the marketing students were interested if exceeding the speed limit was related to social activity.
Suppose the federal government needs to balance the budget, which means that when the government spending increases, taxes must increase equally. In this case, government spending multiplier is called the balanced-budget multiplier, defined as the..
Governor Brown, from the state of Taxafornia, wants to increase sales taxes to bring in badly needed revenue to support state operations. He is looking at taxing various goods and services. Will the state tax revenue be great..
Explain how do the principles of microeconomics which you have leaned in this course apply to other nations.
Use the IS-LM model to determine the effects on the general equilibrium values of the real wage, employment, output, the real interest rate, consumption, investment, and the price level. For full credit you must draw the graph and explain in words.
Illustrate what sources of information were researched and utilized. What economic measures are commonly used in discussions of the health of the economy.
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