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Real GDP in the U.S. increased by a% in 2008 and increased by b% in 2009, and increased by d% in 2010. In class, we learned that the average annual growth rate of real GDP for the period 2008-2010 can be
(1) approximated as: (a% +b% +d%)/3
(2) Differently, we can measure the average annual growth rate of real GDP for the period 2008-2010 as ((GDP2010 - GDP2007)/GDP2007)X(1/3)x(100) Prove that the average annual growth rate calculated by equation (1) is a good approximation to that calculated by equation (2)
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
A firm produces a product with a fully allocated average cost equal to $20. If the price elasticity of demand for the product is -5,what should the product price be set at
Design specifications require that the diameter of an automotive axel measure 200 ± 18 mm. The milling process being considered for producing the axel has a standard deviation of 10mm. a. What is the process capability
company is currently considering the following possible projects (which are NOT mutually exclusive). You have a budget limitation of $400,000. What is the minimum internal rate of return that a NEW project (in addition to these) would need to ea..
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations..
A company desires to estimate the cost of building a 600-MW fossil-fuel plant for the assembly of its new long-distance aircraft. It is known that a 200-MW plan cost $100 million 20 years ago when the approximate cost index was 400, and the cost i..
Assume that all wages and prices are completely and immediately flexible. If the growth rate of the money supply is 5%, the growth rate of the velocity of money is 8% and the inflation rate is 9%, what is the Solow growth rate?
There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry
Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie's Farms is the on..
A multiple regression analysis based on a information set that consists of thrity observations yielded the following estimated demand equation:
The comparative advantage for pizza production belongs to __________ and the comparative advantage for pizza delivery belongs to __________. Based on their comparative advantages, Pat should specialize in _______ while Corey should specialize in ____..
If the government imposes a tax of $15 a month on the market, what price would the buyer of an Internet service pay?__________ What price would the seller of the Internet service receive?____________________
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