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Economists use the rule of 70 to quickly calculate the number of years required for a variable to double at a given growth rate. If the variable grows at the rate x% per year, then 70 divided by x (drop the percent) tells you the number of years it takes for this variable to double.
The article uses this kind of calculation to show the difference between labor productivity growth of 1.4% versus 2.5%. At a growth rate of 1.4% per year, labor productivity (and wages) will double every 50 years because 70 divided by 1.4 is about 50. A growth rate of 2.5% will double labor productivity every 28 years because 70 divided by 2.5 equals 28.
If the average employee compensation grew at the rate of 3.5% per year, how many years would it take for it to double?
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
If the nominal social discount rate is 7% and the rate of inflation is currently stable at 2 percent, should the city build either facility.
Required all pharmaceutical firms to sell their drugs in a competitive market with no ability to patent their break.
Suppose that a monopolist's product could be either high quality (H) or low quality (L).
Write down an expression describing total income from tickets plus popcorn plus other concessions. Forecast total incomes for regular also special Tuesday-night pricing.
Review the biographies of each of the seven members of the Board of Governors.
Explain how are protectionist policies from other nations predicted to affect China's relative supply and relative demand.
Illustrate what adjustments are required for China to rebalance its current account. Illustrate what risks are inherent in such adjustments.
Illustrate can the oligopoly market structure make profit for both consumers and businesses by forging common standards in industries that experience rapid technological change.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Considers the choices of Native Americans who decide to stay on their tribe native land or reservation also those who select to relocate to a city.
Consider the elasticity of supply. In the short run, a elucidate how many popsicles will be sold each day in the short run if the price rises.
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