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The official measure of GDP
Elucidate what happens to the official measure of GDP in each of the following situations.
a. Air quality improves significantly throughput the United States, but there are no effects on aggregate production or on market prices of final goods and services.
b. The U.S. government spends considerably less on antipollution efforts this year than it did in recent years.
c. The quality of cancer treatments increases, so patients undergo fewer treatments, which hospitals continue to provide at the same price as before.
Is there a relationship between GDP and the business cycle. If so, explicitate relationship exists and how might a business manager use this information to increase their profits.
The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. Elucidate deadweight loss from the tax.
Consider an economy where there are N consumers, each of them having one unit of available time.
When you purchase and eat a hamburger, no one else can eat the same hamburger. When you download a file on the Internet, the file is still available.
Elucidate using a graph why the change in real GDP is likely to be smaller than the shift in the aggregate demand curve.
Assume you have a production technology to can be characterized by a learning curve.
A local restaurateur whose trade had been profitable for many years recently purchased a liquor license, giving her a legal right to sell beer.
n the short run, a firm's total costs of producing the hundredth unit of output equal $10,000. If it produces one more unit, its total costs will increase to $10,150. What is marginal cost of the 101st unit of output.
Evaluate the financial performance of the company using the information providedin scenario. Consider all the key drivers of performance, such as company profit or loss.
Hypothesize the basic short-run also long-run behaviors of the model in the industry you have chosen in a "marketplace economy."
Elucidate how does the real wage rate at point c compare with the real salary rate at point a. How do nominal wage rates compare at those two points.
The opportunity cost of Juan's time is $8 per hour. If Juan receives $2 per pound for his fish, what is the optimal number of hours he should spend fishing.
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