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The following data represent the highway fuel consumptions ( in miles per gallon) for a sample of cars. use the data to answer parts a through d.
40 35 31 22 32 46
37 35 24 26 32 33
45 30 25 26 44 36
22 27 25 45 38 37
44 45 41 46 39 26
Construct a frequency distribution for the data using five classes
Find the equilibrium price and quantity. Find the consumer and producer surplus at the equilibrium. Find the socially optimal level of output of paper. How can a corrective tax bring about this equilibrium? How much revenue would the corrective tax r..
From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:
What is the role of money in the modern economy? How well would our economy function without money? What would the consequences be?
Explain why do you suppose that employees pay for general training and the employer pay for specific training with respect to the basic competitive model.
Write an essay on the transformation of credit in the US economy. How did this happen (key events and new financial products?)? How has macroeconomics accounted for this transformation?
You just received a car loan for $20,000. The terms of the loan are for 5 years at 6% annual interest, compounded monthly. What is your monthly payment? For the first month, how much of this payment goes to principal? For the first month, how much of..
Find the per worker production function. Find the steady-state capital stock per worker as a function of the savings, population growth, rate of technological change and depreciation rate. How much is steady state per capita GDP growth?
Home and Foreign both produce cars and food using labor and capital. In each country, labor and capital are both freely mobile across industries. It takes 5 units of labor and 3 units of capital to produce 1 unit of food, and 4 units of labor and 4 u..
What are intellectual property rights? How are they different from property rights to physical assets? Why has digitalization been hazard to intellectual property rights?
You are asked to conduct a five-year (Year 0 to Year 4) economic feasibility study. Based on project schedule, you conclude that the system will not be in operation during the current year (Year 0). New computer costs $11,000 and the development cost..
A recently hired chief executive officer wants to reduce future production costs to improve the company’s earnings, thereby increasing the value of the company’s stock. The plan is to invest $70,000 now and $70,000 in each of the next 3 years to impr..
Start by drawing the Short-Run Aggregate Supply and Aggregate Demand diagram with short-run equilibrium at Price Level = 165 and real GDP = 2750. Next, the following shock hits the economy: Concerned about an economic slowdown possibly turning into a..
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