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1. How rich are the rich? Wealth statistics on the very rich are compiled every year by Forbes magazine. Answer the following questions:
a. Carefully define wealth, differentiating it from income. Which of these two are more unequally distributed in the US? Why?
b. Find out who are the richest in the US and world at Forbes.com: https://www.forbes.com/i. Choose lists, then "400 Richest Americans."ii. Select ten individuals for study at random.iii. List and explain your 10 individuals and explain how much wealth they each own. (Make certain that your units are correct.) How did they achieve this wealth?
c. Based on your sample, explain what percentage of individuals gained this wealth through inheritance and what percentage through entrepreneurship.
The Oil Price Information Center reports the mean price per gallon of regular gasoline is $3.79 with a population standard deviation of $0.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is c..
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward
With a world population in 2003 of 6.314 billion and a projected population growth rate of 1.1% instead (which is the United Nations' projection for the period 2003 to 2015). Compute the doubling time. State the year in which the world's population..
In general, the marginal cost curve is U-shaped as you learned in lectures and the textbook. However, exception exists. Please provide one particular industry as an example to illustrate that MC is not U-shaped. Explain briefly the shape of MC in ..
The InterCell Company wants to participate in the upcoming World Fair. To participate, the firm needs to spend $1 million in year zero to develop a showcase. The showcase will produce a cash flow of $2.5 million at the end of year one.
Suppose that the government decreases spending by $100 billion.What happens to aggregate demand What is the likely effect onprices and output Where are the new equilibrium price level andGDP relative to the old levels
It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substi..
a firm has production function fk l squarerootkl. in the short run the rm has capital k 400 this cannot be changed in
Each bank teller workstation is forecasted to process 400 transactions (the end-item) on Friday. The bank is open from 9:00 am to 7:00 pm on Friday with 90 minutes for lunch and breaks. Three teller windows are open on Friday
Complete the chart below for a firm that is operating under conditions of perfect competition where the market price is $22. What level of output maximizes the firm's profits Quantity -21,22,23,24 Price Total Revenue Marginal Revenue
Suppose instead that the goverment wished to raise GDP to 7,100, but it was unwilling to run a surplus or deficit. Therefore the change in government purchases would have to be matched by and equal change in taxes. What change in government purcha..
Suppose the community has the right to clean water. The factoryowner wants to increase the level of pollution from the current 10gallons per day to the optimal level. What is the maximum totalpayment that the factory will be willing to offer
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