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Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers? What are the implications in our economy of more output being produced by less workers?
Suppose a special tax was introduced that used the value of one's automobile as the tax base. Each person would pay taxes equal to 10 percent of the value of his or her car. Would the tax be proportional, progressive, or regressive
Two policy programs are proposed: (1) eliminate the deficit by cutting government spending and (2) eliminate the deficit but raising taxes. Which program has the least damaging effect on GDP
Bad Breath, Inc. Sells its output at $1 per unit into competitive markets. Bad Breath's factory is the only employer of labor in Gilroy, California. It faces a supply from competitive workers of QL = w where QL is the number of workers hired per year
These bonds make annual payments and mature 8 years from now. Suppose you decide to sell your bonds today, when the required return on the bonds is 14 percent. If the inflation rate was 3.3 percent over the past year, your total real return on thi..
where P is the price of cigarettes in dollars and Q is in millions of cigars Using calculus, show that the demand and supply curve have constant elasticity along their entire length. What are the values of the demand and supply elasticities
A few years ago, the Boston Globe reported that the city of Boston planned to spend $14 million to convert the FleetCenter sports arena and entertainment center into an appropriate venue for the Democratic Nominating Convention (DNC).
Suppose a firm assesses its profit function as: X=profit X= -10-48Q+15Q^2-Q^3 a.) Compute the firm's profit for the output levels of (Q=2, 8, 14) b.) Drive an expression for the marginal profit. c.) Compute marginal profit at Q=2, 8, 14.
Draw a supply and demand diagram 2. In equilibrium, how many packs of cigarettes are purchased? What is the equilibrium price? What is consumer surplus and producer surplus in equilibrium? 3. Suppose that a flat tax of $1.50 per unit is imposed on ..
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
a) the market value of all final goods and services produced withing Wrexington in 2006 is what B) Gross national product for Wrexington in 2006 is what c) Net national product for Wrexington in 2006 is what d)National income for Wrexington in 2006 i..
the industry demand function for bulk plastics is represented by the following equation p = 800 - 20Q where Q represents millions in pounds of plastic the total cost function for the industry, exclusive of a required return on invested capital is ..
Suppose that the money demand function takes the form (M/P)^d = L(i,Y) = Y/(5i) a. If output grows at rate g, at what rate will the demand for real balances grow (assuming constant nominal interest rates) b. What is the velocity of money in this econ..
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