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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).
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Samantha Roberts has a job as a pharmacist earning $30,000 per year, and she is deciding whether to take another job as the manager of another pharmacy for $40,000 per year or to purchase a pharmacy that generates a revenue of $200,000 per year.Compa..
The mean number of mall stores visited by a customer is 4.9 and the variance is 1.9. A new promotion increases the number of stores visited by 2. Calculate the variance of the number of stores visited with the promotion? Use the laws of expected valu..
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Serenity, Mac's Firefly-class spaceship, smuggles cattle from one planet to another. On one trip Mac purchased 90 head of cattle at a price of $5,000 for every 30. At his destination, he sells them for $1,000 apiece. What is Mac's Revenue and Profit?
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An analyst has timed a metal-cutting operation for 50 cycles. The average time per cycle was 10.40 minutes, and the standard deviation was 1.20 minutes for a worker with a performance rating of 125 percent. Assume an allowance of 16 percent of job ti..
Let XX be the number of people that order vanilla dip donuts with rainbow sprinkles in a week.
Why does dumping occur in economics and what is a good definition for it?
Fit three possible statistical cost functions to the data. Use straight-line, quadratic, and cubic formulas. Discuss the statistical results you obtained in question 1. Include in your discussion R2 , the coefficients, and the statistical significanc..
Suppose the media reports that the federal deficit this year is $200 billion. The national debt was $5,000 billion last year, and it is $5,200 billion this year. The price level this year is 3 percent higher than it was last year. The real deficit is..
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