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4. Suppose that in 1994 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1994, each bucket of chicken was priced at $10. Finally, assume that in 2015, the price per bucket of chicken $16 and that 22,000 buckets were produced. a. Determine the GDP price index for 1994, using 2015 as the base year. You MUST clearly show the formula, and your work. b. Determine the GDP price index for 2015 (again, using 2015 as the base year). c. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? You MUST clearly show the formula, and then your work.
A vertical, frictionless piston-cylinder device contains a gas that is in equilibrium with the weight of the piston balanced by the internal pressure for the gas.
1. use the following information to list the total fixed costs total variable costs average fixed costs total variable
Economic Colleagues, first, pick one of the following: explain two effects of an open economy on monetary and fiscal policy, or evaluate the role banks play in world financial markets.
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write 400-600 words that respond to the following questions with your thoughts ideas and comments.conduct research
Graph a market with a tax where firms pay the majority of the tax. Graph the long run equilibrium for perfect competition. Using a similar average cost curve, graph the long run equilibrium for monopolistic competition. Compare the results.
What are the economic benefits of the flu shot and in what ways has the government become involved in the distribution of flu shots?
Will price be higher or lower under such an agreement in long-run equilibrium than would be the case if firms didn't collude. Even in firms in a monopolistically competitive market collude successfully.
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