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Question: Consider the following economy of in which only two firms operate. The activities of the two firms can be summarized as follows:
FIRM A
COSTS
REVENUES
Wages
$120
Exports
$110
Purchases from Firm B
$100
Sales to Firm B
$200
Sales to the public
$600
FIRM B
Sales to Firm A
Purchases from Firm A
$400
Taxes
Compute the GDP of this economy using the three (3) approaches to national income?
The evidence on the supply curve of financial capital is controversial, however at least in the short run, the elasticity of savings with respect to the interest rate appears to be __________.
Consider how these tougher standards eliminated 25 percent of the supply of bottled water. If mar- ket demand is unaffected, what qualitative impact would this labeling change have on equilibrium Now..
Discuss how the economic variables change during an economic expansion - The balance of payments
Should measures of in?ation include asset prices (e.g., stock prices and house prices), so that in?ation targeting would require the monetary authorities to act when asset prices rise dramatically?
What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.
The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire,or what wage rate will it pay.
Suppose that the demand for federal funds curve is such that the quantity of funds demanded changes by $160 billion for each 1 percent change in the federal funds interest rate. Also, assume that the current federal funds rate is at the 3 perce..
ohn and dave value national defense differently. johns demand for the public good is p 50 - .20q. daves demand for the
The "Baby Boomers" are in their retirement age. What affect might this have on the productive capacity of a country's labor force.
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
Using the information in this chapter, label each of the fol- lowing statements true, false, or uncertain. Explain briefly- The largest component of GDP is consumption and Government spending, including transfers, was equal to 20.4% of GDP in 20..
The chief decides to require a fishing license for reef 1 which would require each fisher who fishes there to pay the chief x fish. Find the Nash equilibrium of the resulting location choice game between the fishers. IS there a value of x such that ..
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