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Suppose that people consume only three goods, as shown in this table:
TENNIS BALLS
TENNIS RACQUETS
GATORADE
2001 price
$2
$40
$1
2001 quantity
100
10
200
2002 price
$60
2002 quantity
a. What is the percentage change in the price of each of the three goods? What is the percentage change in the overall price level?
Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2001 they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 carrots for $50. In 2002 they buy 75 heads of cauliflower for $225, 80 bunches of broccoli for $120, and 500 carrots for $100.
If the base year is 2001, what is the CPI in both years? What is the inflation rate in 2002.
Illustrate the opportunity cost between the two goods is always constant. Which of the following combinations of the two goods, X and Y, is it possible for the economy can produce?
Resizing them as necessary, to illustrate your analysis. In each case, Illustrate what are the short-run and long-run effects on the aggregate price level and aggregate output.
Elucidate the opportunity costs for the manager of being in this business relative to returning to his old job. what is the economic profit of the business.
A representative of the Environmental Protection Agency (EPA) wants to select samples of 5 landfills. The director has 10 landfills from which she can collect samples. How many different samples are possible?
What is the difference between demand for insurance and demand for medical care?
The article touches on two crucial conditions for a fiscal stimulus to work.
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If you want to withdraw $20,000 at the end of three years and $50,000 at the end of five years, how much should you deposit now into an account that pays 8% interest compounded annually?
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The period of time that starts from the year the first costs are incurred for each alternative and ends in the last year costs are incurred for that alternative is referred to as:
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