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Assume you have collected the following data for the economy of Sunny Dayz. Use this data to calculate long-run economic growth for the economy.
Nominal GDP in 2010 was $450,725 and Nominal GDP in 2018 was $680,500. Price level grew by 4.6% between 2010 and 2018 and the population grew by 8.4%.
Assume that there are 100 identical firms that would be willing to sell 10 units each of the same good if the market price were $5 per unit. Draw a graph of the aggregate supply curve. Indicate on your aggregate supply curve the quantities supplied a..
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average t..
The price-quantity relationship has been estimated for the new prostate cancer blood test: Q = 4,000 – 20 × P. Use a spreadsheet to calculate the quantity demanded and total spending for prices ranging from $200 to $0, using $50 increments. For each ..
Who demands the U.S. dollar? Who supplies the U.S. dollar? When we purchase German products, does our demand for euro go up or down?
Suppose a firm takes two inputs, labor and capital, as perfect substitutes. In addition, this firm can substitute one labor for one capital. If wage is $2000 and rental rate for capital is $3000, what is the optimal labor and capital usage for this f..
q. tco d a software producer has fixed costs of 18000 per month and her total variable costs tvc as a function of
Measure the income of Samantha on the vertical axis and the income of Oscar on the horizontal axis. Draw several of Sam’s indifference curves under the following circumstances. Sam doesn’t care about Oscar’s income, but the higher her own income is, ..
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should hav..
Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. The production function for Sonoblasts is given by t..
Variables often confuse the novice programmer. What are variables? How do we define/declare them and why?
Fresh Maine lobsters are flown from the United States to Japan. Conversely, fresh tuna is flown from Japan to the United States. How would you expect this pattern to affect the number of jobs in fishing in both countries? Which would be more expensiv..
What is the probability that any given sales representative will sign more than 30 new clients in a month? Answer to at least four decimal places.
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