from the table below: price and quantity for three types of products year 2018  price of pencils 0.50 quantity of pencils 200 price of pens 0.70 quantity of pen 150 price of markers 2.20 quantity of markers 70 year 2019 price of pencils 0.80 quantity of pencils 150 price of pens 1.30 quantity of pen 100 price of markers 2.60 quantity of markers 150 year 2020 price of pencils 1.20 quantity of pencils 100 price of pens 2.00 quantity of pen 50 price of markers 3.50 quantity of markers 200 a) Calculate nominal gdp for each year. b) Calculate real Gdp for each year(base year.2018)

Q: In the Mundell-Fleming model with floating, exchange rates, explain what happens to aggregate…

A: What is a Mundell-Fleming model? The open economy IS-LM analysis under the state of perfect…

Q: -Imports -Exports -Real Exchange Rate Nominal Exchange Rate Quarterly Time Period 2000Q1 2000Q3…

A: Imports refer to goods and services that are brought into a country from another country. On the…

Q: this situation as a strategic game.

A: Game Theory: Two students i1 and i2i1 effort =xi1-cost=cxi1i2 effort =xi2-cost=cxi2given…

Q: Consider a closed economy that begins with her long run equilibrium. Recently, households become…

A: The aggregate demand-aggregate supply (AD-AS) model shows how to calculate national income and how…

Q: To facilitate economic recovery since the Financial Tsunami in 2008, many developed countries…

A: Suppose a government is responsible for setting a policy for several periods into the future. If the…

Q: From the macroeconomic environment from banks sources its inputs and to which it sells its outputs.…

A: The macro-environment of a country refers to how the macroeconomic conditions vary in which…

Q: 2. Use diagrams to show Ricardian Equivalence and the Impact of a Budget Surplus on Credit Markets.…

A: Economic theorems are the general theories that are applied in day-to-day activities or that can be…

Q: Current Account U.S. merchandise exports U.S. merchandise imports Merchandise trade balance U.S.…

A: Exporting refers to the selling of goods and services from the home country to a foreign nation.…

Q: A period of time in which all factors of production and costs are variable is called Select one: a.…

A: Factors of production are assets that are the structure blocks of the economy; they individuals use…

Q: please include the impact the drone technology has and will continue to will have on the economy.

A: The economic and financial impact of drones is powerful. However, the Federal Aviation…

Q: A firm has two plants, which have Marginal Cost functions given by: MC(Q1)=2Q1 and MC(Q2)=3Q2. If…

A: A firm has two plants and produces at the following point.  i.e., MR = MC(Q1) = MC(Q2)…

Q: Your parents have given you $2,500 a year before your graduation so that you can take a trip when…

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

Q: A generic firm can make all the following changes in the long run except Select one: a. Leave an…

A: In the long run, the firm try to optimize the level of  production and earn economic profit.

Q: If the total population is 200 million, the labor force is 100 million, and 92 million workers are…

A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…

Q: Which among the following is not a restrictive monetary policy operation? Select one: a) Selling…

A: The central bank of a nation conducts the monetary policy.  It controls the money supply through…

Q: Land (piece) 1 1 Tractor (units) 2 NNNNNNNN 2 2 2 2 2 2 2 Worker (peoples) 1 2 3 5 6 7 8 Total…

A: Part 1 The time frame that the firm is operating is that of short run. In the short run only one…

Q: In Keynesian 45 degree diagram, at the intersecting point between the line representing and the line…

A: 1. In Keynesian 45-degree diagram ... Blank 1: aggregate supply Blank 2: aggregate demand Blank 3,…

Q: Backyard Shoez is a retail business located in Nairobi, Kenya. It sells a wide range a shoes,…

A: Market Research is an organized system of doing market analysis through the collection of data, both…

Q: Question 5    If the cross-price elasticity of demand for peanut butter with respect to the price…

A:

Q: QB) Use the modified rate of return me borrowing rate = 9% per year, and the Year Cash flow, -15,000…

A: A rate of return (RoR) is the net profit or loss of an investment throughout a specified time span,…

Q: Two main macroeconomic concerns are the problems of inflation and unemployment. a. What are the…

A: Inflation refers to a gradual rise in general price level in the  economy . And unemployment refers…

Q: A price taking firm with q = K¹/4¹/4 pays w=1/8, r= 1/8 and sells at p = 4. Next month w= 1/2.…

A: An isoquant displays every combination of variables that results in a specific output. All…

Q: Consider an economy in which the labour force grows by 2.7 percent per annum, while the capital…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: Quantity Price 0 1 2 3 4 5 6 7 8 co 9 10 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Marginal Cost…

A: At the level of stability, the firms are earning maximum profits. This is because at this point, the…

Q: (a)) Find marginal buyers WTP at Q- 25. In the market without tax, compute his or her CS? (b). (d)…

A: In economics, deadweight loss is the difference in production and consumption of any given product…

Q: Let an economy contain housing, clothing, and food industries. Let $1 in housing require $3 in…

A: The Leontief Open Model represents a simplified economic model that uses the consumption matrix to…

Q: Consider the model of aggregate demand (AD) and supply in Chapter 10 of Mankiw 6e, which…

A: Aggregate Demand (AD) depicts the output demanded (Y) and the aggregate price (P) level relationship…

Q: The US decides to impose a tariff on Avocados of $0.75 each Under Free Trade you have the following…

A: (a) Government gain in tariff revenue To find the value of the tariff revenue we need to first…

Q: when it comes to the application of how the federal budget deficit affects economic variables, what…

A: Budget deficit occurs when the government expenditure is more than the government revenues. To…

Q: Refer to Figure 1. When the price of the good is $12, the firm's maximum profit is $0. a. b. C. d.…

A: For profit maximisation, profit = Total Revenue- Total cost  profit = P x Q - total cost…

Q: Two Owners s Are Trying to Decide Where to Put Their Businesses. They have choices of Uptown and…

A:

Q: utility maximisation

A: The usefulness or enjoyment that a consumer can derive from a service or good is referred to as…

Q: 1. In NSP, how much education would a parent with l=100 buy? e*= 2. In Tic there is both private and…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 1.Find the firm's demand for inputs (as a function of output and the input prices) 2. Find the cost…

A: production function, in economics, equation that expresses the relationship between the quantities…

Q: If the supply curve for Pizza is perfectly elastic, then a reduction in demand will cause: Question…

A: In economics the perfectly elastic and perfectly inelastic will be categorized as the two extremes…

Q: Refer to Figure 1. When the price of the good is 11$, the company profits are in between 0 and -FC,…

A: A brief introduction to the cost curves: The total cost (TC) of a firm is the sum of the variable…

Q: $700 is invested each year in a fund for 15 years. If the fund has an annual interest rate of 4%,…

A: The interest rate is charged on the amount given by the lender to the borrower.

Q: Two  businesses contribute to maintaining green spaces. Every year the companies 1 and 2 decide how…

A: Game theory is the study of interactive decision-making, where the outcome of one player is…

Q: 1. 1-While Fiscal policy shifts supply for loanable funds, monetary policy has a larger impact on…

A: Since you have uploaded multiple questions, we are answering the first question for you. To get…

Q: 1. Write down the game tree 2. Find the players' payoff functions. 3. Find the subgame perfect…

A: The game tree describes all of the game's main aspects, including the participants, strategies, and…

Q: Define GDP growth in an economy.

A: The total value of all goods and services generated in an economy over a specific time period,…

Q: How does one measure competition in an industry? Can concentration be used as a proxy? What does SCP…

A: Multiple firms present to customers with comparable goods or services is referred to as competition…

Q: Given a utility function, U(x,y) = 3xy + 3y, where m-Px m+Px and y*: = 2px 2Py Derive the…

A: Given: Utility Function: U(x, y) = 3xy +3y Marshallian demand function: x* = (m-px)/ 2px y* = (m…

Q: The purpose of a restrictive monetary policy is to: Select one: a. raise investment demand. b.…

A:

Q: Define risk aversion and give an example of a risk-averse person?

A:

Q: A5.  Suppose that the initial rural distribution of income is (1, 2, 3, 4) while the initial urban…

A: The head-count ratio is the ratio that measures the poor population proportion lives, below the…

Q: type! Cost For the following costs, identify the type of cost. Remember, costs may be of more than…

A: The cost of the commodities and services that producers and customers buy is their monetary value.…

Q: Assess three strategies used by the government to deal with these constraints

A: Agricultural economics is the study of the allocation, distribution, and usage of agricultural…

Q: 2. Suppose there are only two people, Simon and Charity, who must split a fixed income of $100. For…

A: Social welfare (W) can be expressed as a function of individual utilities (U): W=F(U1, U2, ..., Un).…

Q: Calculate the simple interest earned. Round to the nearest cent. P = $3000, r = 3.1%, t = 23 days

A: Simple interest is calculated as the product of principal , interest rate and time.  So,  I = P × r…