2. Prime Minister Derpington wants to know about the difference between different macro variables like nominal GDP, real GDP, and how inflation links the two together. She hasn't quite figured out what the difference is yet, and she really needs your help. The following table shows the quantity (in millions) of each good sold as well as the price (in the Derpistani currency, the "Bone" B). Table 1: Derpistan's Economy 2016 2018 2016 2017 2017 2018 Price Quantity Good Price Quantity Price Quantity Friskies Cat Food 12 15 14 17 15 15 50 Cat Litter 3 51 7 52 Mango Salsa Mr. Bill Stuffed Toys Squirt Bottles 80 80 80 10 12 13 15 12 18 19 19 15 10 Canned Tuna 11 10 Insulin 10 66 12 66 13 56 Catnip 12 29 (c) Prime Minister Derpington is worried that inflation might be a problem in Chirpistan. Using the GDP deflator, what was inflation in 2017? (d) Suppose that Chirpistan's Kongress votes to ban catnip because of its intoxicating effects on some of the Chirpistani citizens. How much different is GDP in 2018 when catnip is illegal?

2. Prime Minister Derpington wants to know about the difference between different macro variables like nominal GDP, real GDP, and how inflation links the two together. She hasn't quite figured out what the difference is yet, and she really needs your help. The following table shows the quantity (in millions) of each good sold as well as the price (in the Derpistani currency, the "Bone" B). Table 1: Derpistan's Economy 2016 2018 2016 2017 2017 2018 Price Quantity Good Price Quantity Price Quantity Friskies Cat Food 12 15 14 17 15 15 50 Cat Litter 3 51 7 52 Mango Salsa Mr. Bill Stuffed Toys Squirt Bottles 80 80 80 10 12 13 15 12 18 19 19 15 10 Canned Tuna 11 10 Insulin 10 66 12 66 13 56 Catnip 12 29 (c) Prime Minister Derpington is worried that inflation might be a problem in Chirpistan. Using the GDP deflator, what was inflation in 2017? (d) Suppose that Chirpistan's Kongress votes to ban catnip because of its intoxicating effects on some of the Chirpistani citizens. How much different is GDP in 2018 when catnip is illegal?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

(c) Obviously, something is wrong. Can you explain what it is? (Hint: Think of basis, or reference. For example, if you had an investment that appreciated 100% in value one day, and you lost 100% of your investment the next, would you still have any money left?)
U.S. utility-scale electricity generation by source, amount, and share of total in 20211 Preliminary data as of February 2022 Energy source Billion kWh Share of total Total - all sources 4,116 Fossil fuels (total) 2,504 60.8% Natural gas 1,575 38.3% Coal 899 21.8% Petroleum (total) 19 0.5% Petroleum liquids 11 0.3% Petroleum coke 0.2% Other gases 11 0.3% Nuclear 778 18.9% Renewables (total) 826 20.1% Wind 380 9.2% Hydropower 260 6.3% Solar (total) 115 2.8% Photovoltaic 112 2.8% Solar thermal 0.1% Based on the table above, electricity generated by resources other than fossil fuels is closest to Source of data: https://www.eia.gov/tools/faqs/faq.-php?id%3D427&t3D3 60% O 20% O 40% O 30%
B) $11,250,000 150 Ⓒ$15,750,000 (D) $11,000,000 130 110 90 70 50 Ford Field Capacity is 65,000 10000 30000 MC 50000 70000 MRL DL DH MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the high- demand price level? A $12,500,000 MRH
(c) (i) Referring to Figure 1, explain the difference between cost incurred and cost committed during the design phases. (ii) Explain why any decision made in the product development should be made as early as possible in the design stage. Copyright © The McGraw-Hill Companies, Inc. Permission required for reproduction or display. 100 Cost committed 80 60 40 Cost incurred 20 Time (nonlinear) Figure 1 Cost incurred and committed during design stages Percentage of product cost committed Market development Conceptual ubisep Product use
Question 7 If a seller's marginal cost is MC-15+4Q, calculate the seller's total cost (TC) of supplying 9 units of the good, and enter your final answer in the answer box. Round to 1 decimal place. Instructions: (a) Round your answer to 1 decimal place. (b) Enter only your final answer in the answer box. (c) Do not put any words, letters, or special symbols in the answer box. (d) Round your answer to 1 decimal place.
2. Mang Oleh Kembang in Lembang has 10 major fields that are used to grow Mango. The productivity of each field is expressed as follows: Annual Yield, Hundreds of Kilograms Field 1 2000 Field 2 1800 Field 3 1750 Field 4 1625 Field 5 1500 Field 6 1450 Field 7 1375 Field 8 1225 Field 9 8500 Field 7250 10 Assume that each field is the same size and that the variable costs of farming are $74,600 per year per field. The variable costs cover labour and machinery time, which is rented. Tamima farm must decide each year how many fields to plant. a. In 2017, corn farmers received $5.15 per 100 KG. How many fields did Tamima plant? Explain. b. By 2020, the price of corn had fallen to $4.23 per 100 KG. How will this price decrease change Tamima's decision? How will it affect his demand for labour?
8. Please use the formula to solve the problem
D9)
Baseball has not been convicted of violating the Sherman Antitrust Act because (a) baseball is the national pastime. (b) baseball was the first sport to institute the Reserve Clause. (c) the Sherman Antitrust Act does not apply to sports. (d) baseball has been exempt from the Antitrust laws.
! (asap)
11. Please use the formula to solve the problem.
8