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If the CPI was 140 last year and is 147 this year, what is this year’s rate of inflation?
Instructions: Round your answer to two decimal places.
%
In contrast, suppose that the CPI was 140 last year and is 132 this year. What is this year’s rate of inflation?
What term do economists use to describe this second outcome?
Supply is the world supply. Elucidate the consumer surplus at the equilibrium price. What is the producer surplus.
Is it appropriate to think of all of Australia as a single geographic market for the production of natural gas? If so, explain why. If not, what are the relevant geographic markets? Based on your geographic market definition(s) above, would you expec..
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The following questions refer to the following graph of a consumer's indifference curve. What is the consumer's marginal rate of substitution between points A and C? What is the consumer's marginal rate of substitution between points C and B?
Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?
Illustrate what is unusual about this market. Give an example of a good or service to might be characterized by this unusual market attribute.
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Adam Smith rejected utility as a foundation for value. He illustrates this rejection in his famous diamonds and water paradox. Briefly explain how the cognitive switch from total utility to marginal utility resolves this paradox.
Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of cotton that they could produce?
Discuss the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level
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