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Use the table below to answer the following questions (please show all work).
2011 2012
Good Quantity Price Quantity Price
Tomatoes 500 $2.00 600 $2.20
Tofu 800 $4.00 1000 $4.25
Tacos 900 $3.00 900 $4.00
a) What is nominal GDP for 2011? For 2012?
b) Assuming that 2011 is the base year, calculate real GDP in 2011 and 2012.
c) Now calculate the GDP deflator for 2011 and 2012 (assuming that 2011 is the base year).
d) What is the rate of economic growth between the two years as defined byt he percent change real GDP.
e) What is the rate of inflation between the two years?
Jerry will receive the following payments: 905 in year 3, 952 in year 5 and 933 in year 9. What is the purchasing power of the present value of these payments if the market interest rate is 16% per year and the inflation rate is 8% per year
Microsoft sells three different programs in their office suite: Word, Excel and PowerPoint. Each has a marginal cost of $15. There are three types of con- sumers, writers, accountants and professor, who have the following values for the three diff..
There are three industrial firms in Happy Valley. FIRM INITIAL COST OF REDUCING POLLUTION LEVEL POLLUTION BY 1 UNIT A 70 units $20 B 80 25 C 50 10 The government wants to reduce pollution to 120 units, so it gives each firm 40 tradable pollution p..
A competitive industry consists of 6 type A firms and 4 type B firms . Each firm of type A operates with the supply curve \(Q^{Supply}_{A} = ^{^{-} 10+ P, when P > 10}_{0, when P
This bank can safely expand its loans by what amount c.by expanding its loans by this amount in part (b), its checkable deposits would expand to what amount (if all loans were made to ch3ecking account customers)
Where Q measures the number of units of the public good and P is the price in dollars. The marginal cost of providing the public good is $180. a) What is the economically efficient level of production (Q*) of the good? b) Illustrate your answer on ..
If the current price of the product is $100, what is the quantity supplied and the quantity demanded How would you describe this situation and what would you expect to happen in this market
Suppose demand for widgets is given by the equation P=20-0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit. How much total tax revenue is raised by the tax
In the state of California, rice growers burn their field stubble to sanitize their fields. The field burning causes serious air pollution. The alternative sanitizing method costs $150 per acre.
Bounds Inc.has determined through regression analysis that its sales (S) are a function ofthe amount ofadvertising (measured in units) in two different media
Suppose that the supply curve for the labor to a firm is given by: L=100w And the marginal expense of labor curve is given by: MEL= L / 50 Where w is the market wage. Suppose also that the firms demand for labor (marginal revenue product) curve is gi..
Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function as
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