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Nominal GDP uses current prices as a measure of the value of goods and services produced, while real GDP uses prices of goods and services in a base year to measure value.
Suppose an economy consists of three goods: pizza, sodas, and televisions. The table below provides the prices and quantities of these goods in 2000 and 2003.
Pizzas Sodas Television
Price in 2000 $15 $1.50 $200Quantity in 2000 20 60 10
Price in 2003 $18 $1.75 $225Quantity in 2003 25 80 20
1) Using the information provided in the table, calculate nominal GDP for this economy in 2003, assuming 2000 is the base year.
2)Using the information provided in the table, calculate real GDP for this economy in 2003, assuming 2000 is the base year.
Following is a multiple regression in which dependent variable is market value of houses and independent variables are the age of the house and square footage of the house.
HEALTHCARE MANAGED CARE COMPANY IS EVALUATING TWO DIFFERENT COMPUTER SYSTEMS FOR HANDLING PROVIDER CLAIMS. There are no incremental revenues attached to the projects, so the decision will be made on the basis of the present value of costs.
A firm is considering two alternatives that have no salvage value. A Initial Cost $10,700 Uniform Annual Benefits 2,100 Useful life, in years 8 B Initial Cost $5,500 Uniform Annual Benefits 1,800 Useful life, in years 4
An investment of $10000 generates a net revenue of $15000 per year for 10 years with the salvage values $20000 is this a good investment at i = 10% annually also determine the IRR
How much money will you choose to spend on fireworks, and how much on beer (Since more of everything is better, your budget constraint will hold with equality, or f + b = 50; one way to solve this, then, is to plug in 50 - f for b, and find the va..
Assume that the economy can experience high growth, normal growth, or recession. You expect the following stock market returns for the coming year under these conditions. State Probability Return High Growth 0.2 +30%
Suppose that demand is perfectly inelastic at 40 million bags, so that consumers demand 20 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return Assume as always that TC incl..
Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard error of each estimated coefficient is given in parentheses below it. Also, th..
Alvin's utility function is U(W) = W. Barry's utility function is U(W) = W^2. Carl's utility function is U (W )= sqrt(W) . Each has wealth of only $100. An investment of that $100 has a 10% chance of netting $1,000 and a 90% chance of netting a lo..
Find the equilibrium level of real GDP for Smallville. Note: you will have to solve a quadratic equation - and GDP cannot be negative, for obvious reasons. Y = AD (equilibrium condition) T = 1,200 (taxes - non-income)
Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if..
Graphically demonstrate the production possibilities frontier for nation of Stromboli, using information given in the following table.
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