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Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand. They decide to import 50,000 more. The government buys 25,000 cars for its police force, and 10,000 cars are bought by companies to transport employees to other locations to work. They also export 65,000 cars to nearby countries for sale.
What is Country A's GDP?What is the composition of GDP by percentage?What is the GDP per capita?If government purchases go up in the short run, what happens to GDP? Show this graphically.If consumption and government purchases go up, what happens to GDP in the long run? Why? How would this look in a graph?How does this relate to Keynesian economics?
suppose that the professor imposes a price floor of $15 per book. Sellers are pleased because they think that they will be able to get more money this way. How to calculate how much cash would the sellers receive from selling their books now
Demonstrate in BOTH diagrams (graphically and/or geometrically) the Total Coast, Total Variable Cost, Total Revenue , Total Fixed Cost and Total Profit, at the point where quantity produced is at the optima level (Profit-maximizing level).
If Beth's greedy father imposes a charge of $2 per acre for use of the family mower, how will this affect Beth's marginal cost function How will it affect her profit-maximizing decision What will her profits be now How much will Beth's greedy fath..
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent r..
The InterCell Company wants to participate in the upcoming World Fair. To participate, the firm needs to spend $1 million in year zero to develop a showcase. The showcase will produce a cash flow of $2.5 million at the end of year one.
The bond bears an interest rate of 7%, which is payable semiannually. Four years ago, the bond was purchased at $950. At least an 8% annual return on the investment is desired. What must be the minimum selling price of the bond now in order to mak..
Joe's Barber Shop has a daily total cost function of TC = 100+ 4Q + Q2 and the daily demand for his services is Q = 50 - 2P What is the profit maximizing price that Joe should charge for his services
The parents of a young child decide to make equal annual payments into a savingsaccount, with the first payment being made on the child's fifth birthday and the last payment being made on the fifteenth birthday. Then a rotal of four withdrawals of..
Suppose the world population today is 7 billion, and suppose this population grows at a constant rate of 3% per year from now on. (This rate is almost certainly much faster than the future population growth rate)
In a small country, there is a single firm producing good X. The local demand curve is given by P=100-Q. The firm's marginal cost curve is MC=2Q. The world price of good X is Pw=30. a) In free trade, what will be the domestic production of good X.
Assuming that this 50 percent overtime-pay premium is newly required for all work beyond eight hours per day, draw a budget constraint that pictures a strategy of cutting hourly pay so that, at the original hours of work.
If the monopolist is left unregulated, what are the market price and quantity, the monopolists profit, consumer surplus, producer surplus, total surplus, and dead weight loss. If the monopolist is forced to produce where P = MC, what are the eq..
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