consider a simple economy that produces only cell phones

Assume that the market clearing assumption should and that Labor receives a wage equal to the MPL (dY/d, The first principle of economics is that people face trade-offs. Video Games 900 $30.00 |Q| 0 |20 |60| 110 |170| 240| 290| 330| 355| 370| 380 |L |0| 1| 2| 3 |4 |5 |6| 7 |8 |9 |10 Suppose short run fixed costs are $200 and the wage, Suppose that a firm's production function is given by q = 20E^{0.50}. If firms in this industry. Suppose you have the following disposable income and consumption data for an economy, as shown in the table below. Paul s Pizza Parlor bakes pizza pies according to the following production function: Q = 3L + 0.3L^2 - 5L^3. A) financial services B) electricity C) mobile phones D) mass transportation, 3. Velocity and the quantity equation Consider a simple economy that produces only pies. What is the cost of one more beer? A. diseconomies of scale; expanding B. economies of scale; contracting C. diseconomies of scale, Suppose a firm's production function is given by Q= L^1/2 * K^1/2.The marginal product of labor and the marginal product of capital is given by: MPL= K^1/2 /2L^1/2 and MPk= L^1/2/2K^ 1/2. |Year|Price of Meat|Price of a Toy |2004|$3 per pound|$2 |2005|$1 per pound|$7 |2006|$4 per pound|$5 Refer to table. 2. \hline \text { white, female } & 80 & 580 & 3,380 & & 4,930 \\ Wine 90 11 80 10 Take the following information as given for a small, imaginary economy: -When income is $10,000, consumption spending is $6,500. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. \\ Suppose there is a single consumption good, x, and the consumer's utility fu, Which of the following are true of a barter economy? Since cell phone output did not change from 2011 to 2012 and the velocity of money __________ (increased/decreased/remained the same) , the change in the money supply was reflected __________ (partially/entirely) in changes in the price level. The Fisher effect and the cost of unexpected inflation The realization of these economies of scale, however, is far, Consider a simple economy that produces two goods: pens and oranges. The following table shows the prices and quantities of the goods over a three-year period. Which of the following will describe the marginal product of labor (MP_L) for this production function? Velocity and the quantity equation Consider a simple economy that produces only pens. In the long run, capital and labor are both varia, The "minimum efficient scale" of operation in an industry is defined as: A) the smallest plant size that can be operated by firms in the industry. Below is a Production Possibilities Table of Consumer Goods (things that consumers buy to satisfy wants) and Capital Goods (things that businesses buy to make them more productive). From this information, if income is $101, what is consumer spending? Rajiv manages a grocery store in a country experiencing a high rate of inflation. The pizza company also buys $. Consider two products, cloth and machines. The art dealer then sold all of the sculptures to art collectors for an average of $1,200 each. What is the marginal pro. Draw graphs to support your answer. Production and Prices in Year 1 (Base year) e. spending and prices. The following table shows the relationship between output and number of workers in the short run. Suppose that John, April, and Tristan have two production plants for producing orange juice. Since cell phone output did not chang money the change in the money supply was reflected in changes 2017 to 2018 was C. If a company follows a policy of matching maturities, this means that it matches its use of common stock with its use of long-term debt as opposed to short-term debt. In the U.S., gross domestic product (GDP ) and gross national product (GNP) are close in value. The government cuts public spending. Com, Consider the Small Open Economy Model. Suppose in the short run a firm's production function is given by Q = L1/2K1/2, and K is fixed at K = 36. The inflation rate from 2011 to 2012 was __________ (5%/2.44%/1.44%/105). Select one: a. Decr. a. REQUIRED In the United States, the difference between GNP and GDP is _________ that of many other countries. Fill in the missing values in the following . You'll get a detailed solution from a subject matter expert that helps you learn core concepts. For example, in 2017, the money supply was $200, the price of a pen was $5.00, and the economy produced 400 pens. The following table contains information on the economy's money supply, velocity of money, price level, and output. Production from a U.S. firm that operates in Mexico. B. Inflation refers to the increase in the price of the goods and services in an economy during a year. For. Money \ supply \ grew \ = \ 0.05 \ or \ 5\% The Nominal GDP for the year 2015 is $7450. What he can't spend, he converts into a more stable foreign currency for a steep fee. Fill in the missing values in the following . Real GDP = 137.5 x 1 + 1350 x 30 = 40637.5, Billions of dollars ), An economy produces two goods, A and B; has two factors of production, K and L, and production of good A is capital-intensive, and the production of good B is labor-intensive. Aplia Student Question 4 Chapter 17 - Course Hero Suppose the production function is q=L^{0.75}K^{0.25}. There are two goods, Coal and Wheat, produced with two factors of production, capital and labour. (1) Describe the diff, The diagram below shows the aggregate labor market and aggregate production function for the country of Bonavista. The following table contains information on the economy's money supply, velocity of money, price level, and output. GDP deflator = Nominal GDP / Real GDP 100. Show calculations. The following table contains information on the economy's money supply, velocity of money, price level, and output. "Corporate profits are much too high: Most corporations make profits equal to 50 percent of the price of the products they sell.". In the short run, when a firm is producing quantities that are greater than the quantity which minimizes short-run average costs, the marginal product of labor (MPL) A. will be rising the more the firm is producing. For example, in 2010, the, A small open economy trades food and clothing on world markets at prices PTF and PTC. In this economy, equilibrium GDP is ? The money supply grew at a rate of __________ (5%/105%/2.44%/1.44%) from 2011 to 2012. The equilibrium condition is Y = C+ I 2. B. more labor and less capita, Suppose a firm's production function is given by the equation Q = 12L^.5K^.5 . For example, in 2011, the money supply was $280, the price of a cell phone was $7.00, and the economy produced 600 cell phones. [Solved] Part- 3 Chapter- 15Aplia Homework: The Debate over B. all things are produced by the people of the lowest wage rate. Suppose you are deciding whether to spend your tax rebate check on AirPods or save the money for a new smart phone. Disposable personal income Consumption 0 100 100 120 200 140 300 160 a. NI = NNP - Indirect Business taxes =11900 - 40 = 11860 Carrie's marginal utility per dollar from increasing cons. The bonds offer a real interest rate of 4.5% per year. The following table contains information on the economy's money supply, velocity of money, price level, and output. a. Assume an economy where the production function is F(K,L) = L2/3K1/3 if L is 125 and K is 1000. How much L to use to maximize the marginal product of labor? An artist buys scrap metal from a local steel mill as a raw material for her sculptures. The value of leisure is not included in GDP. c. decide how much government regulation there should be. Currency: $1,000 Checking Account Balances: $2,000 Savings Account Balances: $5,000 Small-Denomination T. Define Economy and list all inputs and outputs need 100 words at least. For example, in 2018, the money supply was $200, the price of a cell phone was $7.50, and the economy produced 400 cell phones. Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. This is an example of the ___________ of inflation. 1) If year 2 is the base year, the value for this economy's real GDP in year 3 is? For example, in 2017, the money supply was $200, the price of a pen was $5.00, and the economy produced 400 pens. ?1.) Velocity \ of \ money \ (2011) \ = \ \dfrac{3,600}{240} \\ a. Nineteen percent of employers provide a one-day paid holiday with workers off Thanksgiving Day. a. Consider a simple economy that produces only cell phones. Each sector employs capital and labor and its production function exhibits constant returns to scale and, The table below shows how the average cost of production for airplanes at a certain factory changes as the number of airplanes built at that factory increases. For a given output level, a firm's short-run average product of labor is 4 while its marginal product of labor is 5. {/eq}, GDP (2012) = Money supply * Velocity of money, {eq}Price \ of \ cell \ phones \ (2012) \ = \ \dfrac{GDP}{Cell \ phones} The unanticipated change in inflation arbitrarily benefits _______. b. Here are the quantities produced and the prices for pineapples and commercial airplanes. The following table contains information on the economy's money supply, velocity of money, price level, and output. \\ Velocity \ of \ money \ (2011) \ = \ 15 _______ per year. Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage rate as they produce more output? What is the per-worker production function? If the wage rate is $5 and the price of capital is $2, then in order to minimize costs the firm should use: A. more capital and less labor. For example, in 2014, the money supply was $240, the price of a pen was $7.20, and the economy produced 500 pens. All rights reserved. B. fully employing all economic resources. Find the equilibrium real interest rate. Year Pencils Muffins Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per muffin) (Number of muffins) 2018 1 120 1 195 2019 2 130 4 195 2020 4 130 4 145 . The following table contains information on the economy's money supply, velocity of money, price level, and output. 4. What is the optimal labor demand in the short run? He is paid in cash twice per month. B. a decrease in the number of smartphone manufacturers. Our experts can answer your tough homework and study questions. The equation of exchange Consider a simple economy that produces only In the short run, K is fixed at K=10. In this economy, the level of income at which the consumer breaks even (cons. . If the wage rate is $15 and the firm has sunk costs of $1000 what is the firm's total cost fu, You estimate a short-run production function to be Q = 16L^{0.8} which gives a Marginal Product of Labor function MPL = 0.8*16L^{-0.2} = 12.8/L^{0.2}. Question: Consider a simple economy that produces only cell phones. The money supply is $3 trillion, the price level equals 2, the real GDP is $6 trillion in base-year dollars. \end{array} Instruction: Your response should be rounded to the nearest whole number. Under a perpetual inventory system, acquisition of merchandise for resale is debited to: The event requires a year-end adjusting entry. All numbers are in millions of dollars. The country has a constant technology, population and capital stock (in other words, real GDP is constant throughout). For example, in 2010, the money supply was $320, the price of a cell phone was $8.00, and the economy produced 600 cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. Which items involve a microeconomic issue and which involve a macroeconomic issue? \hline \text { white, male } & 210 & 3,360 & 13,610 & & 22,050 \\ 4. Quantity of Money Price Level Quantity of Output Nominal GDP (Dollars) Velocity of Money (Dollars) (Cell phones) (Dollars) 2017 240 7.20 500 2018 252 500 Year 15 The money supply grew at a rate of fram 2017 to 2018. Textbooks 15 90 20 100, Real GDP in 2009 equals $6680. EC 111 Test 3 questions Flashcards | Quizlet Get access to this video and our entire Q&A library, Gross Domestic Product: Definition and Components. Suppose the amount the federal government collects in personal income taxes increases, while the level of GDP remains the same. Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs, In a simple economy (assume there are no taxes, thus Y is disposable income), the consumption function is: C = 200 + 0.8Y. Fill in the missing values. b. Velocity and the quantity equation Consider a simple economy that produces only pens. Refer to the table. The total value added of the artist is $3000. Our experts can answer your tough homework and study questions. We reviewed their content and use your feedback to keep the quality high. Show the effect this will have on national income, unemployment, inflation, and interest rates with the help of an ADAS diagram, assumi, An economy has a recessionary gap. Consider a simple economy that produces only croquettes. \hspace{7pt}\text{Event/} \hspace{20pt} \text{Cash} \hspace{5pt}+ \hspace{10pt} \text{Other} \hspace{5pt} = \hspace{10pt} \text{Liabilities} \hspace{5pt} + \hspace{10pt}\text{Common} \hspace{5pt} + \hspace{5pt} \hspace{5pt} \text{Retained}\\ Derive the base-year-quantity price index. The following table contains information on the economy's money supply, velocity of money, price level, and output. A Bureau of National Affairs survey found that 79% of employers provide their workers with a two-day paid Thanksgiving holiday with workers off both Thursday and Friday (USA Today, November 12, 2009). {Q}&0&20&60&110&170&240&290&330&355&370&380 {L}&0&1&2&3&4&5&6&7&8&9&10 Suppose short run fixed cost are $200 and the wage rate for labor is $50. Video Games 1,350.00 $60.00, In Year 2, nominal GDP is equal to: $81206.25, and real GDP is $40637.5
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