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Roberto is a senior citizen who consumes food and healthcare. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $64. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $277. As a result, Roberto consumes 100 meals and 2 medical checkups per month.
Calculate a Laspeyres cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is ___. (Enter you response to two decimal places.)
The Laspeyres index suggests inflation has been ___% over the 10-year period from 2002 to 2012. (Enter your response to two decimal places.)
Next, calculate a Paasche cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Paasche index for 2012 is ___. (Enter your response to two decimal places.)
The Paasche index suggests inflation has been ___%. (Enter your response to two decimal places.)
The purchase of government securities by the Fed from the public will begin a contraction in commercial bank lending. Provide an explanation. Define liquidity. Rank the following assets in order of their liquidity:
We have spent so much on our present office that we cannot afford to waste this money by moving now." Estimate the second partner's advice not to move downtown.
The client would like to know what output level should it select that will keep the competitor from changing its output.
State and Local Governments in this country use sales taxes as means of generating revenue. In other countries, a value added tax (VAT) is used to generate Government revenue. Please explain the difference. In your opinion, which tax system is most e..
Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. (Milk and coffee are perfect complements here). Coffee costs $1/oz, and milk $0.5/oz. Draw his budget constraint and indifferenc..
With economic development comes each of the following, except; an increase in the stock of capital, a declining wage rate, a decline in the birth rate.
The US auto industry is characterized by a high degree of unionization. What would happen to unemployment in the US auto industry if the firms in the US auto industry were no longer unionized?
In the long run, both monopolistically competitive and prefectly competitive firms attain
A monopoly produces widgets at a marginal cost of $8 per unit and zero fixed cost. It faces an inverse demand function given by P = 38 – Q and MR = 38 – 2Q. What are the profits of the monopoly in equilibrium? What are the consumer surpluses in equil..
On the other hand, people in developing nations usually degrade also pollute their environments locally also Do not have the similar high level of technology to mitigate these effects.
The economy has a capital share of a half, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of labor-augmenting technological change of 1 percent. It is in steady state. At what rates..
A firm emits 30 tons of a pollutant, before the government begins to regulate it. The firm’s marginal abatement cost curve is given by: MAC = 10*A (A = “tons of abatement”) The government issues an NPDES permit authorizing exactly 20 tons of emission..
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