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Suppose that the resident of vegopia spend all of their income on cauliflower,broccoli and carrots.in 2006 they buy 100 heads of cauliflower for $200,50 bunches of broccoli for $75 and 500 carrots for $50.in 2007 they buy 75 heads of cauliflower for $225,80 bunches of broccoli for $120 and 500 carrots for $100.
a.Calculate the price of each vegetable in each year.
b.Using 2006 as the base year,calculate the cpi for each year.
c.What is the inflation rate in 2007.
Which of the following will not produce an outward shift of the production possibilities curve. reduction in unemployment rate.
Discuss why is increasing per capital income necessary but not sufficient for broadly dipping poverty and improving human welfare?
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
Business proposal for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service.
You're the GM of firm that manufactures PC's. Demand for them has dropped 50%, thanks to soft economy. The sales manager has identified only one potential client, who has received many quotes for 10000 new PC's.
The difference in prices for each of the following pairs of goods in terms of the laws of supply and demand natural diamonds and zircons human-made diamonds.
Starting with the estimated demand function for Chevrolets given in Problem 2, assume that the average value of the independent variables changes to N=225 million, I =$12,000, P= $10,000 P= 100 cents, A=$250,000 and P=O
The economy begins in long-run equilibrium. Then one day, the president appoints a new chairman of the Federal Reserve. This new chairman is well-known for his view that inflation is not a major problem for an economy.
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks form the same sort of wood. Although hardwoods were readily available in the past, recently they have become harder to obtain. Consultation with the man..
Describe the process by which the competitive market establishes a price at which all firms are just earning normal profits.
Draw two hypothetical iso-cost curves: one with annual leasing cost per vehicle being relatively inexpensive to the annual salary per mechanics, and another with annual leasing cost per vehicle being more expensive to the annual salary of mechanic..
Explain graphically and verbally what happens to the market in the short run and in the new long run equilibrium if factor prices and demand are assumed to remain the same as before.
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