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Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each. Calculate the nominal GDP in 2014. What is the value of real GDP produced in 2014 using 2013 as the base year?
evaluate a plan designed to cut costs. Under plan, workers would be paid a fixed rate of $8/hour. Would you favour plan, Explain.
When the economy is in a recession, expansionary fiscal policy can be used to stimulate and encourage economic growth. Which of the following scenarios represent expansionary fiscal policies from both a supply and demand perspective at the same time?
A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer's optimal consumption bundle will change despite them being able to afford their original ..
if la jolla could obtain additional of the white wine, should they do so. if so how much should they be willing to pay for each additional gallon and how many additional gallons would they want to purchased
If inflation averages 4 percent per year and your return on an investment, based on then-current dollars (market rate) is 10.5 percent, what is your real return on investment?
Compute the price of a bundle containing 100 units of good X, 150 units of good Y, and 25 units of good Z.
Find and plot the SAC and SAVC curves. For this function, the SMC curve is given by SMC(q) = 0.2q +10. Include this curve in your diagram for part b. Write the equation for the firm’s short-run supply curve and indicate it in the above graph
Explain how does a firm solve this pricing problem to maximise profits. Explain, using a diagram to support your answer.
A firm believes the sales volume (S) of its product depends on its unit selling price (P) and can be determined from the equation P = $100 - S. The cost (C) of producing the product is $1000 + l0S.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-a..
Discuss your view about the modern bureaucracy, particularly regarding the size of the bureaucracy, its role in daily public life, and characteristics of the civil service workforce. In particular, discuss whether it should be easier to hire and term..
Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case.
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