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a. An office building is valued at $2 million in 2020, which is 30% greater than its value in 2010. Using prices in 2010 as the base year, know that prices in the economy have grown on average by 1.35 times between 2010 and 2020.
(i) If the value of the office building had risen at the same rate as average prices between 2010 and 2020, what would it be worth in 2020? Briefly explain your answer.
(ii) Without doing any calculations, but simply based on information in the question and your response in (i), would you be better off having bought this office building in 2010 or 2020? Briefly justify your answer.
(iii) Calculate the rate of inflation between 2010 and 2020.
b. Assume wage negotiations are done and agreed based on the CPI. Briefly explain what happens to employers and employees when the CPI is downwardly biased (i.e. the CPI is estimated to be lower than what it should be).
Within a monopolistically competitive industry, it would be expected that:
Which of the following would not occur as a result of a monopolistically competitive firm suffering a short-run economic loss?
Given the following total profit function: 1. Determine the level of output of each commodity at which the firm maximizes its total profit 2. Determine the value of total profit at the maximum output level
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Assume we have a market for sodas with Demand downward sloping and Supply upward sloping where the current equilibrium price is $1.25 per can. Now assume that the government imposes a tax of $0.50 per each can sold where the seller must give $0.50 to..
Under these assumptions, the purchase by the Fed of $1,500,000 worth of bonds will increase money supply in the banking system by $ ______________________
Suppose a country has net exports of 40, transfer payments of 20, net investment income of -15, and a balance of payments surplus of 10. Find the country's current account balance and capital account balance.
Propose a numerical and graphical example of 2 agents w/ constant opportunity cost to demonstrate potential for gains from trade. be sure to explain the opportunity cost of the two goods for each agent, who has the absolute and comparative advantage ..
A design engineer is responsible for an important sub element of a large project at a firm. The project has fallen behind schedule, and the important client is very angry and threatening to sue. The boss is expecting the engineer’s design review to g..
Total federal revenues as a percent of GDP (Gross Domestic Product), since at least World War II, have remained just under. At least one critic of the comparison of revenues as a percent of GDP has stated that the median and average percentage for ta..
Let customer's tastes change so that consumers now demand 100 more units at each price. When the cost of the good is $50, elucidate how many units of the good are demanded?
The price of beer rose by 6%, the price of pizza rose by 2.7% and the price of chocolate did not rise at all. Also, suppose that beer presents 8 percent of the economy and pizza represent 31 percent. Chocolate is the rest of the economy. What was the..
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