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Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today. Suppose Helen deposits $4000 today, and one year from today she deposits another $500. Each year she increases her deposit by $500 until she makes her last deposit on Roberta's 18th birthday. What is the annual equivalent of her deposits, and how much is on deposit after the 18th birthday? Contributed by Paul R. McCright, University of South Florida.
One assumption of the supply and demand model is that all goods that are bought and sold are identical. Why do you suppose economists commonly make this assumption? Does the supply and demand model lose its usefulness if goods are not identical?
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. What would be the f..
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $10 million in withdrawals from other banks’ ATM machines. Based on this infor..
Suppose that the insurance company would set the premium by imposing a zero profit restriction. That is, the premium would be set to be (1+L)EB, where L is the loading factor and EB is the expected benefit. Let us assume that L = 20%. Calculate the p..
Identify the equilibrium rate of output (or GDP). If full-employment GDP equals $2500 billion ,what kind of Gap will develop (recessionary or Inflationary ) ? Explain clearly. How much is the gap ? What is the value of the multiplier?
Jennifer Creek is saving up for a new car. She wants to finance no more than $10,000 of the $26,000 price in two years. She deposits $5,000 into a savings account now and will make monthly deposits for the next two years. If the savings account pays ..
Suppose John now has W = $4900 and foresees that there is 50% chance encountering a big loss of $4800 in the future. Assuming that John's preference can be described by the utility: U ( W ) = sqrootW. What is John's expected future wealth? What is Jo..
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Suppose K = 1,000; L = 200 w..
A researcher investigating public health issues goes into a junior high school class and asks the students if they have ever smoked a cigarette. The students are asked to respond orally in the presence of other students. What types of error might ent..
Farmer Brown has 2 distinct farms that he works on. His wheat farm has a production function Y=6.7K0.4L0.6, and his soybean farm has a production function Y=0.2K0.5L0.5. Farmer Brown has the option of buying either more labor or more capital for each..
Atrium, a manufacturer of upscale designer tee-shirts, is considering launching an Internet operation to sell its product direct to consumers in addition to distributing through traditional bricks-and-mortar retail stores. Retail store distribution: ..
an increase in government expenditure increases government borrowing (or decreases government lending if there is a budget surplus) and lowers the real interest rate. The government expenditure multiplier is the quantitative effect of a change in gov..
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