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Suppose that the residents of Greenland play golf incessantly. In fact, golf is the only thing that they spend their money on. They buy golf balls, clubs, and tees. In 2010, they bought 2,000 golf balls for $3.00 each, 200 clubs for $80.00 each, and 1,000 tees for $0.10 each. In 2011, they bought 2,100 golf balls for $3.50 each, 250 clubs for $90.00 each, and 1,500 tees for $0.15 each. Using 2010 as the base year, answer the following questions.
a. What was the CPI for 2010? =100
b. What was the CPI for 2011?
c. What was the inflation rate in 2011?
Why does a larger government budget deficit increase the magnitude of the crowding-out effect and how does the multiplier work and what might government use it for?
Suppose a firm uses 2 inputs to produce one output. Can you derive an optimality condition for conditional factor demand for the first input if the second factor is fixed in the short run? How does it look like?
Nonetheless, Omega earns zero economic profits because numerous competitors have entered the market over the last few years. Based on this information, does Omega operate in a perfectly competitive market Why or why not
Val Hawkins borrowed $15,000 at a 14% yearly rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end-of-year payments.
Elucidate how an attempt by the government to lower inflation could cause unemployment.
Required an Industry study on Accounting Services in 500+ words with references and statistics.
Compute the price elasticity when the price changes from $6 to $5(use the arc elasticity formula). What is the change in total revenue from this price change?
Assume demand shifts out to the right by 10 percent, the elasticity demand is 1.5 and the elasticity of supply is .5, By how much will price change.
Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy are as shown in the following table.
Leaving aside any normative issues involved in this discussion,what would happen to the level of demand for union workers in theU.S. if the anti-sweatshop movement is successful?
Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his lev..
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook-Algebraically determine the equilibrium industry price/output combination.
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