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Use following data to answer questions 1-3 (be sure to provide all calculations).
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?
Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
Now compute real GDP for 2004 and 2005 using 2005 prices. By what percent did real GDP grow?
Review the GDP information for past few years from the Bureau of Economic Analysis's Website. Give a brief summary of GDP trends over that time frame and discuss two or three events which might have caused these trends.
What is the average fixed cost of producing 2 units of output based on the following table:
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.
The demand curve for the product X is given by Qdx = 460 - 4Px. How much consumer surplus do consumers receive when Px = $35?
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
What does your anticipated adjustment process imply about the CR for the construction industry?
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
A small town is served by many competing supermarkets, which have constant marginal cost. Using the diagram of market for groceries, show the consumer surplus, producer surplus, and total surplus.
MICROECONOMICS
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Evaluate the MU in the utility functions
Your firm sells a very popular children's game. As the manager, you have received information that another firm is thinking about introducing a similar game. You have the following facts:
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