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A country reported nominal GDP of $115 billion in 2010 and $125 billion in 2009. It also reported a GDP deflator of 85 in 2010 and 100 in 2009. Between 2009 and 2010, a. real output and the price level both rose. b. real output rose and the price level fell. c. real output fell and the price level rose. d. real output and the price level both fell.
Firm 1's marginal cost is MC1 = $10, while ?rm 2's marginal cost is MC2 = $20. The two ?rms compete in Bertrand competition, by simultaneously selecting prices.
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 2. Determine how much the consumption of this good will chang..
what part of the change in Sarah's demand was due to the income effect and what part was due to the substitution effect?
Are there economic circumstances in the industry or the economy at large under which you might expect to see a price war break out?
Steve’s preferences for hamburgers (X) and chicken sandwiches (Y) can be represented by u(X,Y)=X 0.5Y 0.5. Graphically decompose the total effect of the price change into an income effect and substitution effect. Plot hamburger consumption on the hor..
The Acme bag company manufactures and sells bags using paper and labor. Currently workers are paid $6 per hour and paper costs $20 per ton. Acme’s current total costs of production are $200,000 per day. Write an equation for, and illustrate on a gra..
Assume MTSU is attempting to conclude what factors drive its demand for MBA student credit hours (dependent variable). Information is available on following independent variables:
First Bank has total deposits of $2,000,000 and legal reserves of $220,000. a. If the reserve requirement is 10 percent, what is the maximum loan that First Bank can make, and what is the maximum increase in the money supply based on First Bank's res..
Suppose that Simone makes a new cash deposit of $85,000 at her bank.
To pay for college you took out 1000 gov loan that makes you pay $126 per year for 25 years. However, you don’t make payments till graduation which is two years from now. Why is the YTM necessarily less than 12% (this is the yield to maturity on a no..
In February 2008, President Bush and Congress approved a $168 billion stimulus package that will provide tax rebates to all taxpayers
Restek Chromatography Products and Solutions company purchased new packaging equipment with an estimated useful life of 10 years. Cost of the equipment was $20,000 and the salvage value was estimated to be $3000 at the end of its useful like. For the..
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