If nominal GDP is $10,700 billion and the GDP deflator is 110.5, real GDP is

Q: Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker…

A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity…

Q: Costs 80 MC AVC ATC 120 160 180 200 Refer to the graph above to answer this question. What does…

A: Cost refers to all the expenses that incur in the process of production of goods or services. These…

Q: consumer surplus as a result of prohibiting trade in this market? A) $26,000 B) $28,000

A: Consumer surplus equals to area above the price line and under the demand curve.

Q: QUESTION 2 Mike notices that taking an Uber (ride-share service where price fluctuates with supply…

A: Supply is the amount of goods that is [produced in the economy by a producer to the consumers. If…

Q: Compared to a perfectly competitive industry with the same demand and cost curves, a monopoly's…

A: A perfectly competitive market is where there are large number of buyers and sellers, selling…

Q: If the purchase and sale of a currently illegal drug were decriminalized in Texas, economist would…

A: Decriminalization of a currently illegal drug would mean that it would be legal to buy and sell the…

Q: Which fiscal policy will increase aggregate supply? increasing tax rates on businesses O increasing…

A: Fiscal policy is the use of government spending and taxation to influence and manage a country's…

Q: Tom is a consumer with preferences over two goods represented by the quasilinear utility function…

A: Utility function : U (x, y ) =  2x0.5 +  y Income = 120 Px = 2 Py = 4Hence , Budget Constraint  : 2x…

Q: Consider the imaginary economy of Meckerton and the market for meekies, a hypothetical good. Without…

A: International trade refers to the exchange of goods and services between different countries of the…

Q: A heart surgeon starts with an initial price of $3,000 and reduces price to $2000. In response,…

A: Price elasticity of demand measures the responsivness of change in quantity demand to change in…

Q: Number of Workers 0 1 2 3 4 5 160 units Refer to the table. What is the total output when 4 workers…

A: The marginal product (MP) can be defined as the total output quantity produced by each additional…

Q: A university spent $2 million to install solar panels atop a parking garage. These panels will have…

A: Present value refers to the present value of the future sum of money given in a specified interest…

Q: Price $30 25 20 15 10 5 T T +- II II D 100 200 300 400 500 600 700 800 Quantity Referring to the…

A: The figure illustrates the demand and supply curves of a good. Price is taken on vertical axis and…

Q: Answer the question based on the following information for four highway programs of increasing…

A: Marginal cost is the change in total cost that arises when the quantity produced changes by one…

Q: Matthew has the following utility over bundles (x₁,x₂): U(x₁, x₂) = 4₁√√x₁ + x₂. The prices in the…

A: If the consumer preferences are such that, he wants to consume a good in fixed amount beyond certain…

Q: Aggregate price level, P P₂ P₁ E₁₁ LRAS SRAS AD₂ AD₁ Y₁ YE-potential Real GDP output Refer to…

A: In the graph, the aggregate demand and aggregate supply curve is given. The long-run aggregate…

Q: 1) If a firm carns normal profit, then it has generated revenues a. equal to the sum of implicit and…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Which of the following are consequences of hyperinflation? Check all that apply. ✔People spend…

A: Hyperinflation is an out-of-control increase in prices in the economy. Hyperinflation is a rapid…

Q: Calculate the Present Value of the cash flow diagram below using the regular equation, then using…

A: Present value refers to the current value of a future sum of money or stream of cash flows given a…

Q: Graph below depicts the market for industrial milk. Price per hectolitre ($) 56 48 40 32 24 16 8 0…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Nominal rate of interest (r) =8% compounded quarterly.Withdrawal at the end of the 4th quarter is…

Q: Curtis Party Rentals offers party equipment such as tents, tables, chairs, and so on for outdoor…

A: Expected revenue : Expected revenue is the sum of the value in each stage multiplied by that stage's…

Q: A major advantage of the corporation is a. preferential treatment by state governments. b. limited…

A: Limited Liability:Limited liability is a legal concept that protects the personal assets of…

Q: f you loan your friend $1500 today and she gives you $2000 back in four years what is your annual…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: Compare three alternatives on the basis of their capitalized costs at /= 11.00% per year and select…

A: Capitalized cost is an expenses that is added to the cost basis of the fixed asset on a company…

Q: Price level (GDP deflator, 2007 = 100) LAS 110- 100 90 ВО 8 70 60 O SAS AD 450 500 550 600 650 700…

A: It is a situation when the actual output is greater than the potential output in the economy.

Q: A small town has two bakeries, Acme and Fat Apple. Acme's marginal cost to make a loaf of bread is…

A: Acme's marginal cost to making a loaf of bread is $1.Acme's demand function: The profit function is…

Q: When a famous painting becomes available for sale, it is often known which museum or collector will…

A: Auctions include buying and selling goods and services by setting them ready for bidding. Potential…

Q: Kenji, Lucia, and Stasia are the only inhabitants of the small island of Tock. Unfortunately, the…

A: International trade:International trade means buying and selling goods and services from outside the…

Q: 1. The asset market approach to exchange rate determination seeks to predict: a. the forward…

A: Exchange rate refers to the rate at which the currency of one nation can be exchanged with the…

Q: Suppose that Americans decide to increase their saving. As a result, the real interest rate will and…

A: Savings is the excess disposable income left after the consumption expenditure of an individual. The…

Q: Assume quantities need not be integers. A monopolist incurs marginal cost equals to MC=Q per unit…

A: Monopolist marginal cost function: Monopolist does not have fixed cost of production. Therefore FC…

Q: Buyer Carlos Quilana Wilbur Ming-la Willingness to Pay (Dollars) 15 25 35 45 Refer to Table 7-2. If…

A: Willingness to pay (WTP) represents the maximum amount an individual or consumer is willing to spend…

Q: A defined Select one: plan offers a guaranteed level of retirement income. A. non-contributory B.…

A: Defined benefit plan: A defined benefit plan is a retirement plan in which the employer promises to…

Q: ce brok Under Supervision the following pers Office manager.

A: a) Office Manager:A vital administrative player in every company, including insurance brokerage, is…

Q: Draw a utility function (with income on the horizontal axis) for an individual who is risk-loving at…

A: A utility function is a mathematical representation used in economics to describe the preferences of…

Q: A subdivision developer must construct a sewage treatment plant and deposit sufficient money in a…

A: Perpetual payment (PP)=$5000 per yearTotal time of duration for replacement (T)=40 yearsCost of…

Q: Will she prefer a bundle with 6 pizza(s) and 9 box(es) of graham crackers (bundle T) to her current…

A: An indifference curve represents a combination of goods or commodities that a consumer regards as…

Q: Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded…

A: Budget balances in macroeconomics refer to the difference between a government's total revenue and…

Q: Moving from one point on the production possibilities frontier to another Select one: a. involves a…

A: A production possibility curve (PPC) is a graphical representation in economics that shows the…

Q: Suppose that the only inputs your company uses are labor and capital. t is possible to…

A: Cost refers to the expenses that incur in the process of production. There are usually two types of…

Q: Utility Function: U(X,Y)=X1/2Y1/2 Budget Constraint: X+2Y=12 If the price of good Y changes to…

A: Utility function:                 ..........(1)Budget constraint:                     ......…

Q: Match each of the options above to the items below. In using the F/A factor, Fis always located in…

A: Geometric Gradient Series:A geometric gradient series is a sequence of cash flows that changes by a…

Q: If a tax were placed on fruits, which of the following would be true about the burden of the tax? a.…

A: When we talk about the burden of a tax and how it is distributed between consumers and producers,…

Q: Consumer C has utility function u(a, b) = 3a + 10b. If we observe that Pb = 20 and a* > 0, what is…

A: Utility function: The price of good b is 20.The utility function represents that good a and good b…

Q: Price elasticity of supply is always positive except when supply is   a.  perfectly inelastic.…

A: Price elasticity of supply signifies the change in the quantity supplied due to an increase in the…

Q: Caroline is a consumer who enjoys candys. Her preferred are licorice candies (good x) and sour…

A: Utility function :  U (x, y ) = 0.5 (x) ( y)Price of good x = 1 Price of good y = 2Income = 12

Q: Output Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Average Fixed Cost (AFC)…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: Suppose there is an unexpected increase in the inflation rate in the euro area countries. Everything…

A: The inflation rate is the percentage increase in the general price level of goods and services in an…

Q: Refer to the information provided in the figure at right to answer the question that follows. The…

A: Opportunity cost refers to the cost foregone to choose best alternative instead of one good.For…