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Suppose that there is an economy that produces only one product, corn. The economy has enough labor, capital, and land to produce y = 1,000 bushels of corn (real GDP). Suppose velocity is constant. In 2013 MS = $5,000, p = $5/bushel.
(a) Compute nominal GDP and the velocity of money?
(b) Suppose that the Fed increases MS by 5%, to $5,250 for 2014. Suppose 2013 real GDP stays same as 1,000 bushels of corn. Compute the 2014 values of nominal GDP (Y) and p. Also compute the inflation rate for 2013-2014.
(c) Suppose technological progress causes real GDP (y) to increase to 1,050 in 2014. Compute 2013-24 inflation rate.
The revenue and cost functions for producing and selling quantity x for a certain production facility are given below. R(x) = 16x - x2 C(x) = 20 + 4x a) Determine the profit function P(x). b) Use Excel to graph the functions R(x), C(x) and P(x) for t..
When maximizing profit, how much profit will she make?
suppose that businesses buy total of $ 130 billion of the four resources ( labor,land,capital, and entrepreneurial ability) from households. If households receive $ 72 billion in wages, $ 16 billion in rent, and $ 26 billion in interest
Copper Refiner Phelps Dodge purchased a model MTVS peristaltic pump for injecting antiscalant at ite nanofitration water conditioning plant. The cost of the pump was $950. If the chemical cost is $10 per day, determine the equivalent cost per mont..
Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?
England, France, and Germany. If you enter the English market, you have a 0.5 chance of big success (selling 100,000 units at a per-unit profit of $8), a 0.3 chance of moderate success (selling 60,000 units at a per-unit profit of $6), and a 0.2 c..
Determine the possible circumstances under which the company should discontinue operations. Suggest key actions that management should take in order to confront these circumstances. Provide a rationale for your response.
Assume that government ownership doesn't affect the cost of supplying gas. If the government's objective is to maximize the net benefit (social welfare) to the community as a whole, what price should be set
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or impl..
Write one page on the impact of both supply and demand factors on oil prices. be sure to include the influence of the change in the world's production level (supply) and the change between season, summer and winter, (demand) on oil prices
which way do we shift the demand curve? Why?
If the price of a bottled water increases from $1.50 to $1.75, and demand decreases from 100 to 89 (per day), what is the price elasticity of demand Is it elastic or inelastic Should the owner of the store increase the price to $1.75 to increase t..
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