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Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per orange.
a.) What was this nation's nominal GDP for the year 2010?
b.) What was this nation's nominal GDP for the year 2011?
c.) Using 2010 as the base year, what was this nation's real GDP for the year 2011 (i.e. what was GDP for 2011 when expressed in 2010's prices)?
d.) Calculate the GDP deflator for this nation in the year 2011.
In 1984, Walt Disney brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000 plus a $750,000 bonus for signing on, plus an annual bonus equal to 2 percent of ..
Ford is budgeting $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the annual interest rate is 10%, what is the expected cost of labor in the first year?
(y=-1.4282+8.7243(1/x)\) using the given average values for y and x of 4.8% and 1.5%, respectively what is the rate of change at these mean values
The mean gross annual incomes of certified welders are normally distributed with the mean of $23,577 and a standard deviation of $2,358. The ship building association wishes to find out whether their welders earn more or less than $23,577 annually..
100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es 51.0). So how many popsicles will be sold each day in the short run if th..
Sua suppose a farmer has some money of his own to invest in a better way to cultivate his land. there are two techniques, both of which require an initial start-up capital of $200. The first technique is risk free and generates a return of 20..
If the price of milk increases by 10% and the quantity demanded decreases by 15%: a) Calculate the price elasticity of demand for milk b) Is demand elastic or inelastic in this range
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10 220 15 300 20 360 25 450 30 600 35 770 40 960 What is the marginal cost and average total cost for the firm at each level of output
Chemco operates two plants A and B, which produce the same product. The capacity of plant A is $60,000 gallons while that of B is $80,000 gallons. The annual fixed cost of plant A is $2600000 per year and the variable cost is $32 per gallon.
Refer to the above data. If the product price is $55, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss How much will the profit or loss be. will the firm realize an economic profit, break even, ..
A basketball manufacturer is considering a number of options for its new factory. Given the following costs and benefits of the four different factory configurations, what are the marginal costs and benefits of the Extra Large configuration
Q1 kilowatts are produced at facility 1, and Q2 kilowatts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 8,000 + 6Q12and C2(Q2) = 6,000 + 3Q22, respectively. Determine the pro..
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