4. So a friend, a non econ friend, looks at your answers in e) above and asks you: Why are your answers so different? How would you answer your friend (act like you are an economist!)? In e), we found the percent change in real wage between April 2019 to April 2020 is 7.38%, and the percent change in the real wage between July 2020 and July 2021 is 0.59%

4. So a friend, a non econ friend, looks at your answers in e) above and asks you: Why are your answers so different? How would you answer your friend (act like you are an economist!)? In e), we found the percent change in real wage between April 2019 to April 2020 is 7.38%, and the percent change in the real wage between July 2020 and July 2021 is 0.59%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please explain this correctly I upvote Not copy paste. Q) Would you rather live in the U.S. in 1900 with an income of $1 million per year, or in the U.S. in 2020 with an income of $50,000 per year (assume we've accounted for inflation and the incomes for both years are measures in 2020 dollars)? Explain.
In the United States economy, there is a great deal of focus on technological advancements. These advances are said to increase worker productivity (like Zoom) or increase the productivity of capital (such as technology that makes the supply chain more efficient).What effect does advancement in technology have on the equilibrium real rental price and capital, assuming that the supply of capital is fixed? Explain, using the terms in the production function, how you know this to be true.
To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2000? O a. $20.00 O b. $30.00 O c. $57.50 O d. $85.00 Next page
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 200 bunches of bananas. In the two-person economy that George and John set up, fish sell for 1 clamshell each, boars sell for 10 clamshells each, and bananas go for 5 clamshells per bunch. George paid John a total of 30 clamshells for helping him to dig bait for fishing, and he also purchased five of John's mature banana trees for 30 clamshells each. What is the GDP of George's and John's island in terms of clamshells? Instructions: Enter your response as a whole number. GDP: clamshells.
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The table below shows the total expenditure on a basket of goods and services. Use this information to calculate index numbers for the cost of a basket of goods and services in each period. Assume Period 1 is the base year. Round to one decimal place. Provide your answer below: Period 1 Period 2 Period 3 Period 4 Total Expenditure $1,100 $1,350 $1,400 $1,450 Period 1 Period 2-Period 3 = Period 4 = | Index Number
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3. Briefly explain whether production of each of the following goods is likely to fluctuate more or less than real GDP does during the business cycle: • Tesla Model 300 • McDonald's Big Macs Whirlpool Refrigerator Pampers Diapers ● You are required to explain your answers for each of the products listed above. Ensure you reference your data sources and any academic articles that support your answers. Hint: Graphing the answers may make it visually easier to determine your answer. Please include all graphs, charts, and diagrams in your assignment.
Step 2 Determine the equilibrium real interest rate. The table below is broken down by Month, Real Interest Rate (%), Loanable Funds (trillions of $), Exogenous Change, Equilibria (increases, decreases, or no change. Use the data table to determine the equilibrium real interest rate after certain factors change: Equilibria (increases, decreases, or no change) Month Real Interest Loanable Funds Exogenous Rate (%) (trillions of $) Change 3 no change no change January 3% April 3% 4 increased fund ? supply decreased fund July 4% supply December 3% 3 increased fund ? demand
George and John, stranded on an island, use clamshells for money. Last year George caught 500 fish and 5 wild boars. John grew 200bunches of bananas. In the two-person economy that George and John set up, fish sell for 1 clamshell each, boars sell for 10 clamshells each, and bananas go for 5 clamshells per bunch. George paid John a total of 30 clamshells for helping him to dig bait for fishing, and he also purchased five of John’s mature banana trees for 30 clamshells each. What is the GDP of George’s and John’s island in terms of clamshells?