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Use the following information to answer questions 1-3 (be sure to provide all calculations).
Quantities Produced Quantities Produced Prices
CDs Tennis Racquets CDs Tennis racquet's
Year 2004 110 200 18 90Year 2005 120 210 20 95
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow?Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?Now Compute real GDP for 2004 and 2005 using 2005 prices. By what percent did real GDP grow?Review the GDP data for the last few years from the Bureau of Economic Analysis's Website. Give a brief summary of the GDP trends over that timeframe and discuss two or three events which may have caused these trends.
Compute the price elasticity of demand.
Have you been personally involved in the making of a decision for a business concerning what, how, or for whom? If yes, Elucidate your rationale for making such decisions.
In terms of expansionary or contractionary policies, which do policy do you see more in line with the politics of the Democratic Party.
Assume the basis for the trends in consumption patterns as discussed in the article. Discuss what has occurred to change the demand for, or the supply.
Illustrate each of the following events using a demand and supply diagram for bananas.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Use the information on U.S. real GDP below to calculate real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
Suppose we have a competitive market for a good with domestic demand and supply given by:
Elucidate how an increase in your nominal income and a decrease in your real income might occur simultaneously.
Examine the tools of fiscal policy also explain how they are used to reduce inflation or eliminate a recession.
If a industry wants to raise total sales revenue. What happens to the demand for beer if the price of soda falls.
Describe a sequential game facing your firm, and represent it in extensive or tree form. Compute and analyze the equilibrium of the game.
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