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Firm C produces 1,000 pounds of cotton at a cost of 50 cents per pound. They sell all of the cotton to Firm S for 75 cents per pound. Firm S makes 1,000 t-shirts with the cotton for a total cost of $1.50 per t-shirt. They sell all of the shirts to Firm R for $2.00 each. Firm R sells 950 of the t-shirts to consumers for $10 each and the total cost of producing each shirt is $8 each. There are no other firms in this simple economy. All income in the economy is either profit income or wage income. Do not enter dollar signs, and enter whole numbers only. The value of consumption is $_____ and the value of investment is $ ____ .
Suppose that survey measures of consumer confidence indicate a wave of pessimism is sweeping the country. If policymakers do nothing, what will happen to aggregate demand? What should the Fed do if it wants to stabilize aggregate demand? If the Fed d..
A client for whom you have prepared the current tax return approaches you for advice and support for an audit covering the last five returns. You were not involved in the preparation of the previous four.
State Z’s automobile manufacturing industry is one of the largest and most highly regarded in the world. The industry is concerned that it may lose some of its domestic market share to inexpensive, low-quality cars manufactured in newly industrialize..
Describe how you would correct for it within the regression equation. What transformation would you apply to the data to account for the trend?
What is meant by the Consumption Possibilities of a country? How are Consumption Possibilities related to Production Possibilities in a closed economy? In an open economy?
The salvage value of either alternative is negligible at any time. If MARR is 10% per year, what present expenditure for the auxiliary equipment can plan you justify spending? Assume that you need the heating system in?nitely.
Suppose the equation for the demand curve for some product (X) is P = 8 - .6Q and the supply curve is P = 2 + .4Q. Graph the curves and label the area of the graph which represents the tax collection as TC and the area representing the deadweight los..
Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. This is not particularly realistic, for reasons discussed in Chapter 4. Draw the Solow diagram in this case. Suppose the economy begi..
What do temporary changes in the tax code do for incentives? Does this encourage long term planning? Should the government encourage long term planning? Should the Government use tax policy to change behavior?
Illustrate how each of the following events would shift the AS schedule and potential RGDP, thereby altering equilibrium prices and output levels in the economy. Use an aggregate supply-aggregate demand diagram in your explanation and assume that the..
Suppose the mayor is suggesting an increase in gas taxes that would affect the commute costs and thus bid rent curves for residents Pr=5.5-0.75x. Calculate the new size of the city.
Your spouse complains that her 6% raise this year will not keep up with the increase in prices. In other words, she is unable to buy the same basket of goods with her 6% raise. Therefore, she believes that her
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