Transcribed Image Text:The price and quantity data for Year 1 and Year 2 are as follows: Bread 50 1 Butter 100 Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price 80 120 1.60 1.25 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year? Answer Choices: 1.254 b. 1.354 1.434 d. 1.534 a. C. Acivate Windcys
Q: how do you find total fixed cost?
A: Sellers must incur costs while producing goods and services by making a variety of factor payments…
Q: What is the uniform series of payments equivalent to the following present values a) $50,000.…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 22 595 25 20 15 10 O P COUNTRY 1 s1 IP d1 0 3 6 9 1215182124 INTERNATIONAL MARKET 25 20 15 10 5 P S2…
A: A net welfare gain alludes to the effect of an administration strategy, or a choice by firms, on all…
Q: Use the following payoff matrix for a simultaneous-move one-shot game to answer the accompanying…
A: The optimal strategy in game theory is found by the best response method where no player has an…
Q: In short-run production with two inputs where land is a fixed input labor is a variable input, once…
A: Marginal product of labor (MPL) is defined as the change in the product of labors by employing one…
Q: At Temple of the Emerald Buddha, Bangkok, on a daily basis, there are two groups of customers:…
A: Price discrimination is the process where the seller is charging a different price to different…
Q: The U.S. unemployment rate for 20- to 24-year-olds went from 8.5% in 2007 to 16% in 2009, stayed…
A: In game theory Nash Equilibrium is an assortment of strategies, one for every player in a social…
Q: ECONOMICS.... Suppose a 4 percent increase in income results in a 2 percent decrease in the…
A: In economics, different types of goods tends to change differently when the consumer incomes…
Q: What are the objectives and advantages of international monetary fund (IMF)?
A: Introduction - Due to the breakdown of the gold standard following World War I, many difficulties in…
Q: What are the objectives and advantages of international monetary fund (IMF) ?
A:
Q: WAVERS Inc. is a California based firm that specializes in the manufacturing of high- end…
A:
Q: The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a firm are…
A: A profit-maximizing firm produces at the intersection point of MR and MC in order to maximize profit…
Q: Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000…
A: Economic Profit = Total Revenue - Total Explicit Cost - Total Implicit Costs Accounting Profit =…
Q: A graph charts quantity on the X-axis and charts price on the Y-Axis. A line downward-sloping moves…
A: Demand refers to the quantity that a consumer wishes to purchase at a given price in a given period…
Q: Given following normal form i) ii) Player C-1,2 1,-2 1 N 1,-2 -1,2 Player 2 CN Find pure strategy…
A: The matrix looks like:
Q: $6 and the quantity consumed 80 units. $10 and the quantity consumed 60 units. $12 and the quantity…
A: The quota restriction is very effective in restricting the cheaper import. Quota restriction raises…
Q: If buyers lack information about the quality of a product, we expect ____________. A) Demand to be…
A: Inefficient allocation of resources is caled market failure . Some examples of market failure 1)…
Q: 6. Who proposed Revealed prefere A. Wilfred Pareto B. J. Hicks C. Paul A. Samuelson D. All of the…
A: The rationality of customers is the underlying presumption of revealed preference theory. In other…
Q: Monopoly and pure competition both offer differentiated products are alike in that entry is…
A: A scenario known as monopoly occurs when there is only one vendor in the market. The monopoly…
Q: 32
A: We know that Immigration refers to the international movement of people to a country of which they…
Q: Purchase of electricity by a business is (refer to the scenario above): Select one: a. Not…
A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…
Q: Explain the Bank of Canada's monetary policy implemented during the beginning of the pandemic. How…
A: The term Monetary policy is the macroeconomic approach set somewhere around the central bank. It…
Q: Explain in details whether the underlined part of statement is true or false. In a perfectly…
A: A perfectly competitive market is a market structure where there are many buyers and sellers. Buyers…
Q: Why is the short run marginal cost curve U- Shaped?
A: The cost of a commodity or service is the sum of money used to produce it. Total cost can be stated…
Q: Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the…
A: Mid-point method Percentage change in price = [(P2 - P1) / ((P2 + P1)/2)]
Q: 3. Explain in details whether the underlined part of statement is true or false In a monopoly…
A: The monopoly market is characterized by the presence of single firm. The single firm is price maker…
Q: Use the following data to analyze the condition when the product proce is set at $32 Assume the…
A: Given The price of the product is $32. The market is purely competitive, therefore firm can not set…
Q: What is scarcity?
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: In a perfectly competitive market if the quantity produced by a firm is less than the optimal amount…
A: The price is decided by the market forces of demand and supply. The firm is price taker only. P=MC…
Q: Define scarcity, choice, and opportunity cost and explain how they are related and why they are so…
A: Economics Economics is the study of scarcity and how it impacts a variety of complex social issues,…
Q: Suppose there is a hurricane that causes oil rigs and refineries in and around the Gulf of Mexico to…
A: Whenever there is a decline in the supply, it is termed a negative supply shock and whenever there…
Q: In the US cotton market, there are 500 identical competitive farms, each farm having the cost…
A:
Q: Assume the following unit cost data are for a purely competitive producer. Required A. How much…
A: According to the question, it is given that : The unit cost data are for a purely competitive…
Q: The asset demand for money 'Da' is shown in the graph below. The transactions demand for money is…
A:
Q: Show it.... The State government is considering building a new highway. Linda lives near…
A: Average cost is defined as the total cost per unit of output. When we divide the total cost of…
Q: n the year 2015, the real GDP per capita of Italy is $215 billion. In the year 2016, the number is…
A: Real GDP is production of goods and services during an accounting year. it makes adjustments in…
Q: A consulting engineering firm is considering two models of SUVS for the company principals. A GM…
A: given that, GM model first cost $36000 GM model operating cost is $4000 GM model, salvage value…
Q: How much interest (to the nearest dollar) would be saved on the following loan if the home were…
A: Given: Total amount is $507000 Percentage of down payment = 20%
Q: The figure below represents the perfectly competitive market for pumpkins both before and after the…
A: Equilibrium in the market occurs at the intersection of demand and supply curves
Q: Education is related to income, in general. O True O False
A: Education is referred to as the process of gaining knowledge through either an organisation or by…
Q: A certain firm produces and sells staplers. Last year, it produced 5,000 staplers and sold each…
A: Given information: A firm produces and sells staplers. 5000 staplers are produced and sold at $10…
Q: which is not a 11). The Min, ther of Health is considering hunden per passet it a pe tox increase of…
A: The elasticity of demand is the reaction of demand due to change in price of goods and services,…
Q: A gasoline engine is available on installment basis with a down payment of P 8,000.00 and P 1,000.00…
A: Particular Amount Down Payment 8000 Monthly Payment 1000 n 12 r 6% compound Monthly
Q: Algonquin's equilibrium price level and real output? The initial equilibrium price level and real…
A: MPC = 0.33 Natural Unemployment rate = 4.5% Price level (2010=100) Real GDP AD0 Real GDP AD1…
Q: Suppose economy is in long run equilibrium. [Only one diagram is required for this question, draw…
A: Disclaimer :- since you asked for multipart question we are solving only 3 subparts as per guideline…
Q: The table provides data on the price of an umbrella, the amount of rainfall, and the number of…
A: The above questions shows the relationship between the price of umbrella and amount of rainfall.…
Q: Use the following data to analyze the condition when the product price is set at $56. A. How much…
A: The profit-maximizing output is achieved in purely competetive market is when:P=MCNow, P=$56We will…
Q: Assume that each day 10,000 children watch Sesame Street on public television and that watching…
A: Here, it is given that 10,000 children watches Sesame Street on public TV that generates a benefit…
Q: Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any…
A: Given that, Income of Amy = $20,000Income of Betty = $40,000Income of Charlie = $60,000Income of…
Q: Assume the following: Current Actual Inflation Rate = 2% Potential Real GDP = 100,000 Actual Real…
A: INTRODUCTION: TAYLOR RULE: The Taylor rule, additionally referred to as Taylor's precept or the…
Transcribed Image Text:The
Step by step
Solved in 3 steps
- The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 Year 1 Quantity 50 Year 1 Price 1 1 Year 2 Quantity 80 120 Year 2 Price 1.25 1.60 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year?The price and quantity data for Year 1 and Year 2 are as follows: Bread 50 1 Butter 100 Year 1 Quantity Year 1 Price Year 2 Quantity Year 2 Price 80 120 1.60 1.25 What is the ratio of real GDP in year 2 to real GDP in year 1, using year 1 as the base year? Answer Choices: 1.254 b. 1.354 1.434 d. 1.534 a. C. Acivate WindcysUsing the data in the table below related to nominal GDP, real GDP, and total population, answer the questions for the time period 2010-2019: Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nominal GDP (in Millions) $9,817,000 10,128,000 10,469,000 10,960,000 11,685,000 12,422,000 13,178,000 13,808,000 14,291,000 13,939,000 14,524,000 15,518,000 16,163,000 16,768,000 17,393,000 18,037,000 18,954,000 19,543,000 20,612,000 21,433,000 For 2019: Nominal GDP per capita = $ Real GDP per capita = $ Real GDP (in Millions) (2012 Base Year) % $13,131,000 13,262,000 13,493,000 13,879,000 14,406,000 14,913,000 15,338,000 15,626,000 15,605,000 Instructions: In part a, round your responses to the nearest dollar. In parts b and c, enter your responses as a percentage rounded to one decimal place. a. Calculate nominal and real GDP per capita for 2010 and 2019. For 2010: 15,209,000 15,599,000 15,841,000 16,197,000 16,495,000 16,912,000 17,432,000…
- Assume an economy consumes only two goods: food and clothing. The prices and quantities produced domestically of each good for two different years are shown in the table below. Year 1 quantity Year 2 quantity Year 1 price Year 2 price Food 5000 5500 $2 $5 Clothing 1000 1200 $30 $25 What is the nominal GDP for year 2? What is the real GDP for year 2, using year 1 as the base year? What is the GDP deflator? (2 decimal places) What was the result on the overall price level? no ch increased decreasedYear Real GDP per Capita 1985 6,000 1986 6,300 1987 6,700 1988 7,200 1989 7,850 1990 8,250 1991 8,450 1992 8,550 1993 8,575 1994 8,510 1995 8,370 1996 8,100 1997 7,950 1998 7,925 1999 7,960 2000 8,035 2001 8,155 The information above describes the real GDP per capita for a country for the period from 1985 through to 2001. I.…Using Excel: Please prove Ernst Engel's law by using Lao data ( the share of agricultural productsin the GDP of Laos) from 2000-2020 to draw a figure. Note: please write the data source
- 3) Answer the following questions about country A. a) What was GDP equal? b) What was the value of total production equal to? c) What approach did you use to make this calculation? Items RM (million) Agriculture, Forestry & Fishing 25874 Construction 89756 Mining & Quarrying 12345 Electricity, Gas & Water 96325 Manufacturing 70002 Government Services 78953 Wholesale, Retail, Hotel & Restaurant 258 Finance, Insurance & Real Estate 456 Transport, Storage & Communication 999 Other Services 451 Factor Income Paid Abroad 452 Indirect Taxes 200 Factor Income Received From Abroad 500 Subsidies - 85 Depreciation 891Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012. Year Real GDP (2009 prices) Population 1993 $9,510,800 million 257.8 million 2012 $15,470,700 million 313.85 millionThe table below shows the annual population and nominal total GDP for New Zealand. Based on the data, which of the following options are correct? Select one correct answer. 4 Year 2015 2016 New Zealand Key Figures GDP (Current US $) $ 178,064,471,137.92 $ 188,838,342,527.98 Population 4,609,400 4,714,100 O GDP per capita in 2016 was $40,058.20 GDP per capita fell by 3.70% in 2016 compared to the previous year O New Zealand's population and GDP both rose such that the overall GDP per capita growth rate was zero O GDP per capita rose by 3.56% in 2016 compared to the previous year
- Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the percentage change in nominal GDP from 1993 to 1994? b) What was the percentage change in nominal GDP from 1992 to 1993?Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 Year 2010Goods Quantity Price Quantity PriceAutomobiles 100 50000 120 60000Bread 5000 10 4000 20a) Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP and the GDP deflator and explain briefly about what these values indicates? (6) *