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The base year is 2009. Real GDP in 2009 was $10 trillion (2009 dollars). The GDP price index in 2009 was 112, and real GDP in 2013 was $11 trillion (2009 dollars).
1. Calculate nominal GDP in 2009 and in 2013 and the percentage increase in nominal GDP from 2009 to 2013.
2. What was the percentage increase in production from 2009 to 2013, and by what percentage did the cost of living rise from 2009 to 2013?
The postal service carrier works on Sunday delivering special high-priority letters. She can deliver 15 letters per hour. The hourly fixed costs (vehicle depreciation, insurance, etc.) equal $42, and the hourly variable costs
Illustrate at what output level would the monopolist produce. Illustrate at what output level would a perfectly competitive firm produce.
The government wants to make Medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing Medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month ..
The student could also have earned $15,000 by getting a job instead of attending college and 10 percent interest on expenses he or she incurs at the beginning of the year. Calculate the explicit, implicit, and the total economic costs of attending..
US consumption expenditure includes
q.a mechanical engineer who recently graduated with a masters degree is contemplating starting his own commercial
If over speeding by 10 mph results in the probability of dying in one hour to be 1 in 400,000, use the Jones-Lee approach to estimate Junior’s value for his life if he makes $90 per hour. What if the probability of dying is 1 in 5,000,000?
Suppose that the supply curve of healthcare services is perfectly inelastic. Analyze the impact of an increase in consumer.
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If Englad can produce either 15 units of corn or 30 sweaters in one unit of labor and Portugal can produce 10 units of corn and 5 sweater in one unit of labor as well, explain how would each nation benefit (numerically) from trade.
illustrate what cost-minimizing combination of K and L will the manufacturer employ for the output levels in part a.
Supposed objective function is changed to, do you need to re-graph feasible region of this LP. Why. What is solution for new LP. Is it unique.
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