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Microsoft Word - Rec02_nosol.docx
Exercise 1:
There are two firms in the economy of Venus. Firm A produces wheat and Firm B produces bread.Firm A sells 10 units of wheat to Firm B at a price of $70/unit. It employs 10 workers at a price of $10 per worker and pays $50 in rents to domestic landowners. It buys a tractor from Mars at the price of $300 for future production.
Firm B imports 5 units of sugar from Mars at a price of $5/unit and buys 10 unit of wheat from Firm A at a price of $70/unit. It pays $200 in interest payments and employs 5 workers at a price of $10/worker. It sells 10 units of bread at a price of $100/unit to domestic consumers and 2 unit of bread at a price of $200/unit to Martian consumers.
The consumers on Venus also purchase 5 units of fish from Mars at a price of $10/unit. a) Compute Venus's GDP using the
a) expenditure approach.b) Compute Venus's GDP using the income approach.c) Compute Venus's GDP using the value added approach.
Currently, at a price of $0.5 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $0.5 to $1 is unit-elastic (E s = 1). In the long run, a price incre..
The perfectly competitive firm will be in the long run equilibrium whenever price is:
There's quite a bit to be said about face-to-face interviewing for sure. But, there's also some drawbacks and you named two major ones: cost consideration and time spent (not to mention, manpower and location). what's one benefit of collecting da..
What is the difference between rational expectations and adaptive expectorations?
describes the market structures of oligopoly and monopoly in terms of number of producers, types of products produced, barriers to entry, and whether profit can be made in the short or long run.note whether oligopolies and monopolies are bad or..
Suppose your supervisor has been asked many questions about how economy works and why the idea of limited resources is such a major concern in today's economy.
Price exceeds marginal cost for a monopolistically competitive firm in long-run equilibrium because:
John Maynard Keynes believed that wages may be inflexible in the downward direction. Consequently, an economyA) could get stuck in long-run equilibrium. B) could get stuck in a recessionary gap. C) could get stuck in an inflationary gap. D) would alw..
Calculate and Plot using a spreadsheet the series for Real GDP and calculate and Plot using a spreadsheet the yearly % changes in Nominal GDP (i.e. [GDPt+1-GDPt]/GDPt)
Identify and describe the physical processes that shape the Earth's surface. (Define exogenic and endogenic processes in your own words and give examples of each.
Formulate an integer programming model for problem - mixed integer linear programming model - Formulate the integer programming model for this problem and solve it using the computer.
consider the following public policies in the market for cigarette smoking an aggressive anti-smoking media campaign
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