Q: If Y=C+I+G+NX, we can know that a. the economy is not operating at its potential. b. the…
A: An equation of Y=C+I+G+NX informs that aggregate output (or aggregate income) and aggregate demand…
Q: . The production function is f(L, M) = 4L12M¹/2, where L is the number of units of labor and M is…
A: Production function shows relationship between output and input. A change in the inputs brings about…
Q: The profit maximizing rule states that a business maximizes profits when marginal cost equals Select…
A: The process by which a firm or individual seeks to generate the highest possible profit from a given…
Q: Given the demand and cost conditions in the figure above, how much total profit does a monopoly firm…
A: A monopoly firm produces at the intersection of MR and MC curves to maximize profit. i.e., Monopoly…
Q: Free traders maintain that an open economy is advantageous in that it provides all of the following…
A: It can be defined as a concept that shows how much currency of one nation is valuable in terms of…
Q: The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the…
A: Unemployment rate is a measure of the percentage of the total labor force that is unemployed but…
Q: n average, 50 people go to the movies when the ticket is $6.50 and 250 go when the ticket price is…
A: The law of demand states that quantity demanded varies inversely with the price. When price…
Q: Assume the following demand curve: Q = 50,400 1,200(P). Variable costs are estimated to be $25.23.…
A: optimal quantity is the quantity where the marginal revenue is equal to marginal cost. Total revenue…
Q: If the distribution of income in country C is (1, 2, 2, 3, 5) and the poverty line is 2.5, the…
A: The income distribution of the country is given as (1,2,2,3,5) The poverty line is given as 2.5The…
Q: ▼surplus is the difference between the highest price a consumer is willing pay and the price the…
A: Consumer surplus is actually tell us about benefit from purchase of a product when consmer get that…
Q: QUESTION 1 For the utility function U = Qx0.41Qy(1-0.41) and the budget 129 = 8Qx + 8Qy find the…
A: Utility maximization problem: With the given prices and the income, a consumer chooses his…
Q: The article "Not Too Big Enough" describes the economies of scale that gave banks the incentive to…
A: Economies of scale allude to the cost benefits that an organization or association can accomplish as…
Q: a. The price of steak rose. b. The price of steak fell. c. The expenditure on steak and pork rose.…
A: A budget constraint is a limitation on the amount of money that a consumer has to spend on goods and…
Q: 1. Suppose that a monopolist has a patent for widgets and the market demand curve Q(P) is: Q(P) = 60…
A: Elasticity of demand, often referred to as price elasticity of demand, is a measure of how…
Q: 1 Suppose that a monopolist has a patent for widgets and the market demand curve Q(P) is: Q(P) = 60…
A: Inverse Demand Curve:It represents the relationship between the price (P) of a good or service and…
Q: Kiwidale Dairy is considering purchasing a new ice-cream maker. Two models, Smoothie and Creamy, are…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Average income increases from $10,000 / month to $11,000 / month. Quantity demanded per month…
A: Income elasticity of demand measures how the quantity demanded of a good responds to a change in…
Q: Suppose you are working in a cosmetic company that introduced a new lipstick for ladies. Your…
A: Price elasticity of demand refers to the percentage change in the the quantity demanded of a goods…
Q: Suppose the real GDP in an economy is currently $320 billion, C is $160 billion, I is $50 billion, G…
A: When the total expenditure meets the real GDP value, the economy is said to be in equilibrium. The…
Q: A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as…
A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…
Q: If the United States saves $1,000 billion and U.S. net capital outflow is -$300 billion, U.S.…
A: Investment,Investment can be made out of the savings of the country. The savings acts as the base…
Q: Ben opened his ice cream stand and he aims to maximize profits by making 100 ice cream cones a day.…
A: Profit maximization is a method business firms undergo to make sure the best output and price levels…
Q: Click on the icon to read the news clip, then answer the following questions. The graph shows the…
A: Production of an additional unit of a good or service has an additional cost, known as the marginal…
Q: Consider Exhibit 4-1 which shows 3 demand curves for corn flakes. Which of the following would be…
A: Deman curve represents quantity demanded corresponding to different price level.The change in…
Q: In the classical labor market, a surplus of labor leads to a(n) shortage of labor leads to a(n)…
A: The economic principle at play is the law of supply and demand. The law of supply and demand states…
Q: Which of the following is/are the characteristic(s) of a household? [I]: It represents all the…
A: The household sector comprises all individuals or groups of people who live together under a same…
Q: An entrepreneur's most recent venture is selling robots that he builds and programs himself. At a…
A: It measures how the quantity demanded changes when there is a price change. The elasticity of demand…
Q: Suppose the economy is initially at K. Which of the following statements best explains how the…
A: Aggregate demand is the total demand, the aggregate demand curve shows the relationship between the…
Q: Use the below graph to answer the question: Output per labour A E D B C Production function 3…
A: The production function in a market economy displays the causal link between supply (such as labor…
Q: A 2-percent increase in the price of peanut butter leads to a 7- percent increase in the quantity of…
A: Demand elasticity measures how sensitive a good's quantity desired is to variations in its price. It…
Q: Calculating opportunity costs from a production possibilities curve (PPC) Google Classroom The…
A: PPC: Graphical representation of the combination of two goods that can be produced in the economy in…
Q: Each computer costs $200 per week and each programmer costs $150 per week. Suppose your boss gives…
A: The isoquant displays every possible arrangement of factors that results in the greatest output. The…
Q: Botswana’s population grew by 3.5 percent per year, 1970–80, and by 3.4 percent, 1980–93, while…
A: A standard of living is the level of wealth, comfort, material products, and necessities available…
Q: Consider the perfectly competitive market for apples, which is currently in long-run equilibrium.…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: for th below two machines and based on CC analysis which machine we should select? MARR=10% Machine…
A: There are two alternatives, Machine A and Machine B. Machine A has a 3-year service life and Machine…
Q: Write an essay related to this treatise: NAFTA (North American Free Trade Agreement): b. An…
A: The concept of comparative advantage was first developed by David Ricardo in the early 1800s. It is…
Q: (a) Explain the intuition for convex isoquant curves. (b) Suppose the firm is currently at point A.…
A: The isoquant shows the different combinations of two inputs that produce the same level of output.…
Q: Beer 8 10 0 Beer 8 1313 10 0 10 20 30 Pizza West Lothian 10 20 East Lothian Select one: Pizza Refer…
A: When given the option of producing two different goods or services, the Production Possibilities…
Q: Refer to the figure. In order to profit maximize, the monopolist should: Charge a price of $16 in…
A: The price discrimination practice is followed by the monopoly firm to maximize profit. Monopoly…
Q: Consider the supply and demand curve diagram below. $ 10 86 9 7 6 5 4 3 21 D TO m WIEN 20 40 60 80…
A: Market dynamics are described as the ever-changing relationship between supply and demand, pricing…
Q: Figure 3-14 Arturo's Production Possibilities Frontier Dina's Production Possibilities Frontier…
A: Opportunity cost is the next best alternative.Opportunity cost shows the forgone units of one good…
Q: What should a firm consider when maximizing profit in the short run .All costs, including sunk costs…
A: The profit maximization occurs when MR =MC. If MR> MC, the it is profitable to increase the level…
Q: (Figure: Public Goods and Common Resources) Use Figure: Public Goods and Conimon Resources. The…
A: Rivalry and excludability are two important concepts used to categorize and understand different…
Q: Answer the questions based on the table below. The values are in millions of dollars. What is the…
A: The real GDP is calculated using the formula Real GDPConsumptionPlanned InvestmentGovernment…
Q: Compare the alternatives C and D on the basis of a present worth analysis using an interest rate of…
A: Present worth helps to recognize the current value of money received or paid in the future,…
Q: Compare the following pairs of goods: • Coca-Cola and Pepsi • Skis and ski bindings. to. In which…
A: In economics, two goods can be broadly categorized as complements or substitutes based on consumer…
Q: Consider the production possibilities fronter in the figure shown. The opportunity cost of cars when…
A: The production possibility frontier shows the different combinations of two goods that can be…
Q: Market demand is given as QD = 220 - 3P. Market supply is given as QS = 3P + 40. Each identical firm…
A: Perfect competition: A firm in the competitive market is a price taker because it has large number…
Q: There is a federal budget deficit when the government spends less that it collects in taxes. the…
A: A federal budget is a financial arrangement or blueprint that frames the assessed revenues and…
Q: When a uniform series begins at a time other than at the end of period 1, it is called: Annual worth…
A: In engineering economics, a "uniform series" or "ordinary annuity" refers to a sequence of equal…
Please give me full explanation explanation
Note:- Please don't simply copy and paste content from other
Do not provide the handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
Step by step
Solved in 3 steps with 2 images
- An economy starts off with a GDP per capital of 12,000 euros. How large will the GDP per capita be if it grows at an annual rate of 3 for 10 years? 3 for 30 years? 6 for 30 years?Based on World Bank data, Philippines real per capita GDP in 2019 was US$3,850. It needs to increasethis to at least US$15,000 to attain a high income country status. By how much should real per capitagrown annually if it want to achieve this status in year a) 2028; b) 2037; c) 2055?Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)
- 15. Suppese that in 1960 Japan had an initial per capita GDP of $12.000 per year and China had a per capita GOP of 55.000. But China is grewing at 5 percent per year and iapan is growing at 3 percent per year. ia richer in 2010 with a per capita GDP of eporoni mately a lapan $5.000 a. China: $73,500 a. lapen: $31,500 . Not enough information is given. e China $5,000What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?A country's nominal GDP was 10 billion euros in year 2000. In the next ten years, nominal GDP increased by 2 % per year and prices incrcased 1,2 % per year. What was the annual growth rate (%) of real GDP in this 10-year period? Knowing this growth rate, what was real GDP in year 2010 using constant prices (base year 2000)?
- Based on World Bank data, Philippines real per capita GDP in 2019 was US$3,850. It needs to increase this to at least US$15,000 to attain a high-income country status. By how much should real per capita grown annually if it wants to achieve this status in year a) 2028; b) 2037; c) 2055?e ncia.wwnorton.com b. Per capita real GDP doubled in South Korea again in only seven years, reaching $1600.00 by 1988.00. What was the average annual economic growth rate between 1981 and 1988.00? (NOTE: Round this to two places past the decimal point.) % 4th attempt 3rd attempt Okay Elizabeth 4 8 Q W E Y U P @ 23 & return A F G H J K % ! V N M .?123 .?123estion 30 A country with neither population growth nor technological progress is nitaly in the golden-rule steady state. Carefuly ilustrate this situation using a graph with output per worker, investment per worker, and depreciation per worker on the vertical axis and capital per worker on the horizontal axis. Now suppose climate change increases the depreciation rate. If the country adjusts its saving rate to reach the new golden- rule steady state, is it possible to determine how output per worker and consumption per worker in the new steady state compare to their levels in the initial steady state? Explain.
- At an annual growth rate of 3.5% it will take approximately years for a country's GDP to double. Over the next 60 years, how many times will GDP double, assuming the growth rate does not change? If GDP starts at a value of $10 million, then in 60 years the value of GDP will be $ million. In 60 years the value of GDP will be times larger than it is today. ASUSYear 1960 1980 Argentinal 2018 $5,643 Percentage of Real GDP per 1960 2018 capita real real (2010 GDP GDP dollars) per per capita capita 7,908 ? 2000 8,224 ? The accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita in 2010 U.S. dollars for Argentina, Ghana, South Korea, and the United States for 1960, 1980, 2000, and 2018. 10,044 ? ? ? ? C Ghana Real GDP per 1960 capita real (2010 GDP dollars) per Percentage of 881 $1,056 ? 952 capita ? ? 1,807 ? 2018 real GDP per capita ? ? ? 2. South Korea Real GDP per capita (2010 dollars) $944 Percentage of 15,105 1960 real GDP per capita ? 3,700 ? ? 26,762 ? 2018 real GDP per capita ? ? ? ?The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?