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Suppose the economy of Stockton produces four goods: strawberries, ice cream, sushi, andcoolers. However, consumers only purchase strawberries, ice cream, and sushi. Coolers are a final good, but are only used by ice cream trucks to store ice cream. The total production of all final goods is given in the table below: Year Strawberries Ice Cream Quantity Price ($ per unit) Quantity Price ($ per unit) 2010 8 $4 10 $2 2011 9 $5 14 $2 2012 10 $6 18 $3 Year Quantity Sushi Price ($ per unit) Coolers Quantity Price ($ per unit) 2010 12 $3 1 $12 2011 12 $3 2 $8 2012 15 $4 8 $2 (a) Using 2010 as the base year, calculate the value of the CPI in each year, and thencalculate the rate of inflation based on the CPI for all years (i.e., inflation rate from 2010 to 2011 and from 2011 to 2012). (b) Keeping in mind that the GDP deflator is a fixed-prices measure (fixed in the base year),calculate nominal GDP and real GDP for each year using 2010 as the base year. Using the expression for the GDP deflator, calculate the value of the GDP deflator in each year, then calculate the rate of inflation based on the GDP deflator for all years (i.e., inflation rate from 2010 to 2011 and from 2011 to 2012). (c) The following table gives the average nominal wage (in thousands) of workers in Stockton. In which year did they have the highest real wage?
Consider the (world) market supply curve for oil. Saudi oil production inhabits the _____ part of the curve, and Canadian oil production inhabits the _____ part of the curve.
Determine the total consumer surplus and the total producer surplus; Label these areas on your Graph.
Describe the free trade equilibrium. Then compute and graph the following effects of an import quota that limits imports to 100 bags.
Laissez-faire is an economic precept because it is based on a model and normative judgments about the relevance of the model to the reall world. Why?
Technology is now being developed so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your car and automatically charges you for the use of the road. How would this affect bottlenecks and rush-hour..
The concept of utility makes it possible to calculate: how much monetary value a consumer gets from a good. which of two bundles gives a consumer more utility.
Mars Inc manufacturers M&Ms the milk chocolate comes in a variety of colors: blue brown green orange red and yellow the overall proportions for the colors are 0.24 blue, 0.13 brown, 0.20 green, 0.16 orange, 0.13 red and 0.14 yellow in a sampling stud..
Based on what you have learned about the relationship between TR and elasticity of demand, explain how an airline might take advantage of this information in order to maximize its profits? (Tip: How does an airline company separate the market of cons..
Farmer Brian has 3 acres of land which he farms efficiently. Each acre can support 20 apple trees. However the 3 acres differ in their ability to support orange trees. what would be the opportunity cost of growing another apple tree?
A ?rm’s stockholders expect an 18% rate of return, and there is $22M in common stock and retained earnings. The ?rm has $9M in loans at an average rate of 8%. The ?rm has raised $14M by selling bonds at an average rate of 4%. What is the ?rm’s cost o..
An executive-search firm has shown that job search time and higher salaries are directly correlated. They have shown that for every $10,000 of additional compensation the search will take an additional month. Is a month spent in searching rather than..
A market is made up of two consumers. The first has a demand P1 = 1200 – 3q1 and the other has demand P2 = 1200 – 6q2. There is one firm in the market acting like a monopolist with costs = Q2 + 90,000. Suppose the firm implemented at 2 part tariff wh..
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