Reference no: EM133273861
Please answer all the questions below and make sure to show your work for each question so, I can understand better. Please do it on a google doc and not on paper.
1. The average price of gasoline rises from $5.45 to $5.75 in California. Quantity demanded changes from 300 million gallons to 285 million gallons. Calculate the elasticity and explain the results.
2. Income falls from $72,000 to $70,000. Quantity demanded for a good changes from 625 to 640 units. What type of good is this? Calculate the elasticity and explain the results.
3. The following table displays data on Vietnam. Prices are in billion USD $.
|
Year
|
Nominal GDP
|
Real GDP (in 2020 USD)
|
GDP deflator
|
|
2017
|
281.35
|
304.21
|
|
|
2018
|
|
323
|
95.57
|
|
2019
|
330.39
|
|
98.25
|
|
2020
|
|
343.24
|
100
|
A. Fill in the missing values
B. Calculate GDP growth between 2018 and 2019
C. Calculate GDP growth between 2019 and 2020
D. Calculate the inflation rate between 2017 and 2018
E. Using the growth rate from part C, calculate the future value of Vietnam's GDP in 10 years.
4. As of August 2022, Japan had about 66,679,200 people employed and 1,920,800 unemployed.
A. How many people are in the labor force?
B. The labor force participation rate is about 63.7%, what is the population of adults in Japan?
C. What is the unemployment rate in Japan?
D. Historically, the labor force participation rate in Japan was lower compared to other developed countries. What are some reasons for this?