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Lesson 2 ConcepTest
1.
You are given the following data about 4 different goods produced in a country; orange juice,
oranges (half of which are used in the production of orange juice and half of which are
consumed by families), pens, and scissors. The prices and quantities produced are given over
a 2-year period.
2013
2014
Price
Quantity
Price
Quantity
Orange Juice
$8.00
20
$9.00
23
Oranges
$5.00
14
$5.00
16
Pens
$2.00
30
$2.25
35
Scissors
$5.00
12
$5.50
11
a.
Please calculate the following using 2013 as the base year. You must show all your work
for full credit. Round to two decimal places.
2013
2014
$8.00 X 20 = $160
$9.00 X 23 = $207
$5.00 X 14 = $70
$5.00 X 16 = $80
$2.00 X 30 = $60
$2.25 X 35 = $78.75
$5.00 X 12 = $60
$5.50 X 11 = $60.50
Total Nominal/Real GDP = $350
Total Nominal GDP = $426.25
Note: Since 2013 is the base year the $8.00 X 23 = $184
Nominal GDP and Real GDP are going
to be the same.
$5.00 X 16= $80
$2.00 X 35 = $70
$5.00 X 12 = $55
Total Real GDP = $389
Nominal GDP in 2013 = $350
Real GDP in 2014 =
$389
b.
Given the data above and using the GDP Deflator as a price level, what is the inflation rate in the year 2014? You must show all your work for full credit. Round to two decimal places.
NDGP 2013 = $350
RGDP 2013 with a base year of 2013 = $350
NGDP 2014 = $426.25
RGDP 2014 with a base year of 2013 = $389
(426.25 / 389) X 100 = 1.09575835 X 100 = 109.58
2.
Please name two reasons why GDP is not a perfect measure of production in an economy.
One reason why GDP is not a perfect measure of production is because it does not include non-market transactions. Therefore, anything sold or traded in the shadow economies are not counted towards the overall GDP of a country.
Furthermore, GDP does not consider household production. The example provided in the reading on Canvas referenced the value produced by a stay-at-home parent.
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Answer the Writing Task only. I need the answer as fast as possible.
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PRICE (Dollars per unit)
250
225
200
175
150
125
100
75
60
50
25
0
о
5 10
Demand
40
15 20 25 30 35 40
QUANTITY (Units)
45 50
60
Graph Input Tool
Market for Goods
Quantity
Demanded
(Units)
Demand Price
(Dollars per unit)
25
125.00
(?)
On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10,
20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green
points (triangle symbol) to plot the results.
TOTAL REVENUE (Dollars)
3130
2817
2504
2191
1878
1565
1252
939
626
313
0
0
5
10
15
20
25 30 35
QUANTITY (Number of units)
40
40
45
50
50
Total Revenue
(?)
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5
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Country
Corn
Jeans
(Bushels per hour of labor)
(Pairs per hour of labor)
Euphoria
8
32
Contente
12
24
When the two countries did not specialize, the total production of corn was 36 million bushels per week, and the total production of jeans was 104 million pairs per week. Because of specialization, the total production of corn has increased by
million bushels per week, and the total production of jeans has increased by
million pairs per week.
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Question in image
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315553/quizzes/3862261/take
Course Placement CT CT2Learn
Assume that our world consists of only two countries: the United States (US) and the Rest of
the World (ROW). Both of these countries produce airplanes and computers. The amounts of
each good produced during an hour in each country are provided in the table below.
US
Airplanes 5
Computers 15
In computers?
P In-Text Citations ▸ Study.com G Google
in the US?
ROW
1. Based on this table, who has the absolute advantage in airplanes?
in the ROW?
4
10
1. What is the opportunity cost of 1 airplane:
computers per airplane
Q Search
computers per airplane
What is the opportunity cost of 1 computer in the US?
airplanes per computer
PRE
-
ParentVUE SAM SAM y! Infor
W
@=
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4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points
(triangle symbol) to plot the results.
TOTAL REVENUE (Dollars)
500
450
400
300
250
200
150
100
༔ ཧྭ ༔ ༔ ༔་༔་༔༞༄ 8
50
0 A
0
1
2
3
4
5
6
7
8
9
10
QUANTITY (Number of units)
Total Revenue
?
Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced.
The marginal revenue of the second unit produced is $
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Typed plz and Asap thanks
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Farmer can produce in 24 hours:
either 4 pounds meat or 6 pounds potatpoes.
What's the combination of meat and potatoes the farmer produce in 24 hours.
1-1 pound meat, 8 pounds potatoes
2-2 pounds meat, 2 pounds potatoes
3-1 poun meat, 5 pounds potatoes
3 pounds meat, 2 pounds potatoes
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Discuss the presence of trade agreements between United States of America and Mexico. Make sure to address the following:
1. Specify if there is a trading agreement between USA and MEXICO.
2. If yes, explain the effects of the trade agreement and how it impacts cloud business.
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QUESTION 5)
The table below contains the production information of a company. In the table, the first column
shows the firm's use of capital and the first row shows the firm's use of labor. The other figures in the
table show the company's production amounts. For example, if the firm employs 200 units of capital
and 150 units of labor, it can produce 3180 units of product.
Labor Amount
Amount of Capital
100 worker
150 worker
200 worker
250 worker
100
2200
2950
3450
3700
150
2300
3070
3585
3840
200
2390
3180
3700
3970
250
2470
3280
3810
3990
a) What is the marginal product of the workforce when the amount of capital used by the firm is
fixed at 150 units and increases the labor force employment from 150 to 200 workers?
b) Suppose the firm increases its capital usage from 150 units to 200 units. In (a) you have calculated
the marginal product of the labor force when the capital is 150 units, when the firm increases the
amount of labor from 150 to 200 workers. What is the marginal product…
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7.
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Table 23-6
The table below contains data for the country of Batterland, which produces only waffles and
pancakes. The base year is 2013.
Prices and Quantities
Year
2010
11
2012
2013
Select one:
$620.
b. $260.
C.
$400.
d. $630.
Price of
Waffles
a.
$2.00
$2.00
$2.00
$4.00
Quantity of
Waffles
80
.00
120
150
Refer to Table 23-6. In 2010, this country's real GDP was
Price of Pancakes
$1.00
$2.00
$3.00
$3.00
Quantity of
Pancakes
100
120
150
200
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Price
($/ton)
Sus
A
350
B
300
E
200
G
Dus
K
100
10
15
20
Quantity of Sugar
(milliontons)
A) Using the prior graph if the U.S. did not trade what price would the good cost? If the world price
was $200 what quantity would the U.S. produce? What quantity would be imported. What is
consumer surplus at the world price? What is producer surplus at the world price? (Using labels
do not use math) Who benefits from the free trade and who gets hurt?
B) If the U.S. government puts a tariff on the good so now the price is $300 who benefits, who is
hurt? What quantity will U.S. producers now produce? What happens to consumer surplus and
producer surplus at this new price? What does the government gain from the tariff?
C) Who benefits from free trade overall? Who benefits from trade restrictions? Why is a tariff the
most used trade restriction?
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Discuss how the demand and supply for a particular product/s have changed in the last 2-3 years. Discuss the product, and how one or a few of its determinants of demand and supply has changed in the last few years. You can use a diagram to illustrate your response. Also, discuss how the price of that product and the equilibrium quantity has changed due to changes in the demand and supply for that product.
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CENGAGE MINDTAP
Homework (Ch 09)
4. Effects of a tariff on international trade
PRICE (Dollars per ton)
525
495
465
The following graph shows the domestic supply of and demand for maize in Sudan. The world price (Pw) of maize is $255 per ton and is represented
by the horizontal black line. Throughout the question, assume that the amount demanded by any one country does not affect the world price of maize
and that there are no transportation or transaction costs associated with international trade in maize. Also, assume that domestic suppliers will satisfy
domestic demand as much as possible before any exporting or importing takes place.
435
405
375
345
315
285
Homework (Ch 09)
255
225
0 10
20
Domestic Demand
Domestic Supply
x
40
50 60 70
QUANTITY (Tons of maize)
music ✓
cody ✓ Engl 1010 Wyo
bSearch results for 'The following graph s...
30
ng.cengage.com…
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Description
Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Show your work.in detail Part B: Calculate the opportunity cost of producing jeans for each country. Show your work in detail Part C: Calculate the opportunity cost of producing cell phones for each country. Show your work in detail Part D: Determine how many jeans should be produced by each nation. Show your work in detail. Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology in your…
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1. discuss the concept of market segmentation and discuss how it relates to consumers and businesses.
2. give examples of how each product listed can be classified as either a consumer and/or business product.
3. discuss the differences between the business and consumer product markets
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-50
Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor
can gather 10 dozen eggs or collect 5 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week.
a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk
each and as many eggs as they can. How many dozens of eggs does the family have per week?
‒‒‒‒
(Click to select) Edozen eggs.
b. If the siblings were to specialized, which should collect the milk?
(Click to select)
c. If the siblings were to specialize, how many dozens of eggs would the family have per week?
(Click to select) dozen eggs.
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babb
(2)
(3)
(1)
Figure 2-6
ХО
(4)
Refer to Figure 2-6. Which graph depicts the result of a technological improvement in the production of both goods X and Y?
a. (3)
b. (1)
0 c (4)
O d. (2)
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8) Firms A-E are involved in the production of some good. What is the total value added by all
the firms in the production of this good? What did each firm add separately in value and what
does it total?
Stage of production
Firm A
Firm B
Firm C
Firm D
Firm E
Sales value of product
$1,600
2,500
3,700
5,200
7,600
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listen to this The Economist, Adam ruins everything video, and a few other articles about using a market to help animal conservation using trophy hunting. Please write a 1 to 2-page paper about how the program alters how people look at different animals.
Paper requirements:
Size: 11
Font: Calibri
Spacing: Double
Length: 1-2
Paper Questions:
Adam ruins everything: https://youtu.be/cQh-f1rBjx4
The Economist: https://youtu.be/9y7YFjisSTg
Vice article: Link
Questions you must answer, you may write a standard paper, or you can answer the following questions in bullet point form. You must write it in an easy-to-read form regardless of how you choose to do it.
What is trophy hunting? Is trophy hunting the main reason animals are being killed off?
Why is there demand for exotic animal parts? How does this impact animal deaths?
https://www.vice.com/en/article/akgb3a/rare-rhino-horns-worth-78-million-burnt
Please describe how the program works. Walk me through all the steps.
What issues do…
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Confused and don’t know what steps to take to solve
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7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following
table provides information about the prices and output for these three goods for the years
2018, 2019 and 2020.
Quantity of
Good X
Quantity of
Good Y
Quantity of
Good Z
Year
Price per
Good X
Price per
Good Y
Price per
Good Z
2018
$10
10
$5
10
$10
20
2019
$10
14
$5.2
11
$10
21
2020
$11
14
$5.4
12
$10
23
g. Using 2018 as the base year, fill in the following table.
Year
GDP deflator measured on a 100-point scale with 2018 as the base vear
2018
2019
2020
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Question 1
The quantity demanded for maize is:
17 kg's at R6 and 37 kg's at R5.
24 kg's at R5 and 52 kg's at R4.
37 kg's at R4 and 52 kg's at R3.
52 kg's at R3 and 37 kg's at R5.
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Q3. Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year
data given in table:
Year
2012 2013 2014 2015 2016 2017 2018
Population (millions)
10
12
15 20
25
30
40
Rice consumed (million tonnes)
40
50
60
70
80
90
100
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4. The table below is extracted from Goodland Republic Bureau of Statistics records for 2016-2017. Use the information to answer the questions that follow. Goodland Economy 2013 and 2018 I tem Price 2017 (Base year) Price 2018 Price per Price per Production Unit ($) Production Unit (S) 50,000 1.50 55,000 2.00 100.000 2.00 98000 250 50,000 23,000.00 45,000 2,450.00 120.000 100.00 110,000 120.00 5.000 5,000.00 6,000 7,000.00 Rice (tons) Wheat (tons) Tractors mid-size (units) Cotton (tons) Used cars Manufacture garments (tons) Eggs (Trays) Coca Cola (litres) Pepsi Cola (litres) Beef (tons) Second hand cloths (tons) Alcoholic Beverages (litres) Milk (litres) 150,000 2.000 6,000 700 5,000 500 500 7000 50.00 2.50 0.80 1.10 6.50 15.00 3.25 230 145,000 2,300 6.500 850 4.800 450 600 7.500 70.00 3.50 1.20 1.50 8.50 25.00 3.75 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is…
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Asap
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8. Productive and allocative efficiency
A clothing company can use one of the following four production processes to produce 5,000 garments per month.
Which production process is the most productively efficient?
One that involves 30 workers and 50 machines
One that involves 20 workers and 20 machines
One that involves 20 workers and 50 machines
One that involves 30 workers and 20 machines
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- Farmer can produce in 24 hours: either 4 pounds meat or 6 pounds potatpoes. What's the combination of meat and potatoes the farmer produce in 24 hours. 1-1 pound meat, 8 pounds potatoes 2-2 pounds meat, 2 pounds potatoes 3-1 poun meat, 5 pounds potatoes 3 pounds meat, 2 pounds potatoesarrow_forwardDiscuss the presence of trade agreements between United States of America and Mexico. Make sure to address the following: 1. Specify if there is a trading agreement between USA and MEXICO. 2. If yes, explain the effects of the trade agreement and how it impacts cloud business.arrow_forwardQUESTION 5) The table below contains the production information of a company. In the table, the first column shows the firm's use of capital and the first row shows the firm's use of labor. The other figures in the table show the company's production amounts. For example, if the firm employs 200 units of capital and 150 units of labor, it can produce 3180 units of product. Labor Amount Amount of Capital 100 worker 150 worker 200 worker 250 worker 100 2200 2950 3450 3700 150 2300 3070 3585 3840 200 2390 3180 3700 3970 250 2470 3280 3810 3990 a) What is the marginal product of the workforce when the amount of capital used by the firm is fixed at 150 units and increases the labor force employment from 150 to 200 workers? b) Suppose the firm increases its capital usage from 150 units to 200 units. In (a) you have calculated the marginal product of the labor force when the capital is 150 units, when the firm increases the amount of labor from 150 to 200 workers. What is the marginal product…arrow_forward
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