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Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each. Calculate the nominal GDP in 2014. What is the value of real GDP produced in 2014 using 2013 as the base year?
The questions below are about working with the Cobb Douglas model α= 0.3 and A= 3. write the equation for output. find the MPK and MPL in terms of K and L.
You can write your research about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.? Discuss the risks of introducing market mechanisms of ..
The goal of this experience is to learn how to trade derivatives on an actual trading platform. You will learn much more about futures and options when you trade these products. Additionally, learning the trading mechanics will boost your confidenc..
Use the economic perpective to explin why someone who isnormally a ligh eater at a standard restaurant may become somewhat of a gullton at a buffet-style restaurant that chares a single price for all you can eat.
Identify the four major tools of monetary policy. Describe how a change in the Fed’s major policy tools leads to [1] expansionary and [2] restrictive or contraction monetary policies.
Average spending is $2,560. Those with a family history of cancer (4% of the population) spend $40,000 on average, and those with no family history (96% of the population) spend $1,000. Which of the following statements are true?
assume that the price of feeders drops by 50%. How would this change impact the demand for feeders? Explain your answer and reconstruct the graph developed in question one to show this change. Assume that incomes of the consumers in thi..
Briefing Paper 2: Law Case with Answers Instructions: Read Smith v. Van Gorkom - Cheeseman text page 348-349. Brief the facts of the case and assume your boss is seeking your opinions on what effect should the fact that Jerome W. Van Gorkom owned 75,..
An annuity runs for 25 years as follows: at the end of each of the - . first ten years 500 is paid, and then at the end of each of the last 15 years 300 is paid. If i= .08, find the value of this annuity three years before the first payment.
He explains that the firm that has come up with the idea decided to start the coffee push cart in either Cleveland, Ohio, or Houston.
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. sells a product differentiated from that of its competitors. has marginal revenue less than price
Because when a patent ends and generic drugs are introduced there is downward pressure on price, the makers of the brand name drug will:
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