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Suppose an economy's real GDP increased from $300 in 2009 to $400 in 2010.
1.What is the growth rate of its real GDP?2.If the growth rate of real GDP were to continue at the same rate you have calculated, how many years would it take for real GDP to double?3. Assume the population in 2009 was 100 and 200 in 2010. Calculate real GDP per capita in each of these years.4. What is the growth rate of real GDP per capita?
Suppose xt = (1:05)t and yt = (1:02)t. Calculate the growth rate of zt in each of the following cases: a) z = xy b) z = x=y c) z = y=x d) z = x^1/2 y^1/2
Automobile companies often provide a 3-year warranty on new vehicles. Consumers must pay for extended warranties beyond the manufacturer's warranty period. Suppose that a 5-year extended warranty is offered for your new vehicle at a price of $1,31..
Two cournot duopolists produce in a market with a demand P(Q)=100-Q. The marginal cost for Firm 1 is constant and equals 10. The marginal cost for Firm 2 is constant and equals 25. The two firms want to merge, which would leave a monopoly.
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the typical market basket.
Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if..
Sarah will use the rest of the proceeds of her retirement savings fund to set up a fund from which she plans to bequeath $500,000 to her grand- children on her 80th birthday. Her bequest fund will pay interest of 41 2 percent compounded annually.
During his first year at school, Ximing buys eight new college textbooks at a cost of $50 each. Used books cost $30 each. When the bookstore announces a 20% price increase in new texts and a 10% increase in used texts for the next year, Ximings fa..
A company is considering replacing its asphalt parking lots with concrete, at first cost of $1,200,000, and an annual maintenance cost of $15,000. Another option is also available, which is resurfacing the parking lots with asphalt with a first co..
For both sets of calculations, compare the firm's output price and the calculated average variable cost and average total cost. Should the firm shutdown immediately when the total fixed cost equals $1,000,000 Should the firm shut down immediately ..
the origin and do not intersect the axes. The price of sushi is $10 and the price of soy milk is $2. She is spending all her income at the basket she is currently consuming, and her marginal rate of substitution of sushi for soy milk is 4. Is she ..
What is the optimal price of the textbook from the author's point of view and by how much would the demand for the textbook change if advertising were increased by 2%?
Jeff holds $50,000 wealth which has a utility of 7.07 utils (assuming utility is the square root of wealth in thousand dollars). He considers investing this in a gamble which has a 0.6 probability of increasing his total wealth to $100,000 and 0.4..
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