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Suppose the LRAS is positioned at a real GDP of $12 trillion in base year dollars, and the long run equilibrium price level (in index number form) is 115. The corresponding full employment level of nominal GDP must be $_______ trillion dollars.
Compute the elasticity for each variable and briefly comment on what that data gives you in each case.
Suppose income declines by 2.85%, how much do I have to cut value in order to maintain existing customers and it begins with being given a regression analysis that has the following:
A demand curve is given by QD = 600 20P. Draw the demand curve. You don't have to draw to scale. Clearly show what happens on this demand curve when the price rises from $6 to $8. Label all appropriate points, as well as numerical values for pric..
Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Algebraically calculate the profit maxim..
A purchasing agent for a trucking company is shopping for replacement tires for their trucks from two suppliers. The suppliers' prices are the same. However, Supplier A's tires have an average life of 60,000 miles with a standard deviation of 10,0..
In the name of Simon Kuznets is the concept that the relationship in GDP and inequality is nonlinear. Kuznets hypothesized three phases in economic development.
In late 1990s more than twenty-five domestic steel firms have filed for bankruptcy. A combination of low values with strong competition through foreign competitors and so-called legacy expenses of unions are cited as the primary reason why so many s..
Assume that current wind farms produce 2.5 W/m2. Succinctly explain whether you would expect the average power per square meter of wind farms to rise or fall as the production of wind energy expands to, say, 10% of our primary energy consumption...
How much consumer surplus do consumers receive when Px = $45? c. How much consumer surplus do consumers receive when Px = $30? The demand curve for product X is given by QXd = 360 - 2PX.
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value, Compensation of employees $216.2, U.S. exports of goods and services 19.8, Consumption of fixed capital 11.8,Gover..
If a corporation operates in a highly competitive industry and competes against many other companies. In the last some years, many new companies have entered the industry and firm now earns a return on investment very close to prevailing interest rat..
What output, price, and profit levels would prevail following expiration of the company's monopoly franchise assuming that vigorous competition evolves between the local cable TV company, voIP firms, and Big Phone, Inc. Assume that a long-run perf..
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