The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2014 and 2017. PucksRoot beerSandals Year Quantity Price Quantity Price Quantity  Price 2014 100         $5      300        $20    100        $20 2017 125          $9      300        $20    110        $25 Find the Real and Nominal GDP for both years if the base year is 2014.

Q: Question 1  Suppose that the demand for toy drums is described by the equation QD = 300 - 5p, and…

A: Equilibrium is achieved at the output level where Qs=Qd

Q: A bicycle component manufacturer produces hubs for bike wheels. Two processes are possible for…

A: In economics, total cost (TC) is the least dollar cost of manufacturing some quantity of output.…

Q: 3. In order to restructure some of its debt, General Motors decided to pay off one of its short-term…

A: Question 3 The total cost of repaying the loan in one year is $82 million  Rate of interest for this…

Q: UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED. A…

A: In everyday language, cost is the monetary worth of the products and services that producers and…

Q: 4. Give an example of a negative externality and an example of a positive externality..?

A: Positive and negative externality along with the examples is to be determined.

Q: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the…

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

Q: Units of rice 1 2 3 4 5 6 7 8 O 4 utils O 50 utils 53 utils O 28 utils Marginal Utility of rice O 25…

A: Since you have posted multiple question, as per the guidelines we can solve only one question per…

Q: 25. The time required for a sum of money to amount to five times itself at 16% simple interest p.a.…

A: Simple interest depends on the principal amount of a credit or the first deposit in a savings…

Q: 23. James borrowed $600 from the bank at some rate per annum and that amoun becomes double in 2…

A: The future value depends on rate of interest. The higher rate of interest leads to higher future…

Q: How a tax burden is divided between consumers and producers is called tax incidence. Consumers bear…

A: Tax incidence is the way in which the tax burden is distributed between buyers and sellers.

Q: If a standard-setting body is ‘captured’ by the profession, are there any steps that the government…

A: The collection of guidelines, methods, and supporting documentation known as accounting standards…

Q: 10. All of the following are part of M1 money except? A. Currency B. Demand deposits C. Other…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following statements is/are true? a) A change in supply of a good is the result of a…

A:

Q: 1. Suppose the demand and supply for milk is described by the following equations: QD = 800-100P;…

A: Equilibrium in the market occurs where quantity demanded is equal to quantity supplied.

Q: A manufacturer purchased and installed a shrink-wrap machine 4 years ago at a cost of Php 200,000. A…

A: Money that has already been spent and cannot be recovered is known as a sunk cost. The sunk cost…

Q: Explain in detail how an improvement in the national identification system can reduce adverse…

A: Improving the national identification system can reduce adverse selection and moral hazards in the…

Q: Explain the effectiveness of the fiscal policy in economics.

A: The fiscal policy is the means by which the public power changes its spending and pay to influence…

Q: Where a typical U shaped AC curve is falling, the MC curve Select one: O a. must be falling O b.…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: (a) Suppose that, in a liquidity trap, bank reserves are less liquid than government debt. If the…

A: DISCLAIMER “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Consider the labour market for heath care workers, which is in equilibrium. Because of the aging…

A: The equilibrium is decided where the demand and supply of labor force is equal. Change in either…

Q: uss the concept of E

A: Economic Goods: The term economic goods are termed as simple that satisfies any individual needs or…

Q: C04

A: It is a bunch of principles and ideas which explains the functioning of the economy or various…

Q: The tables to the right show recent state income tax C... (A) Write a piecewise definition for the…

A: As we need to find the tax due of an individual, hence we use the table "Single, Married filling…

Q: 12. Which of the following statements is/are true? a) A change in supply of a good is the result of…

A:

Q: O Macmillan Learning Move the point, E, in the accompanying graph to reflect equilibrium in the…

A: Equilibrium is achieved at a point where demand curve interests the supply curve. The figure is…

Q: In a particular market there are social costs that are greater than private costs What type of…

A: A plant can also face social costs. Social costs are those costs that society has to bear because of…

Q: Rent controls are a typical example of a price ceiling. Please select all likely consequences of…

A: A price ceiling is the commanded maximum amount a seller is allowed to charge for a product or…

Q: Given the following data, use present worth analysis to find the best alternative, A, B, or C. Use…

A: Present worth analysis explains the amount which explains the current cost of the alternatives here…

Q: 15. Which one is a cost of inflation? A. Shoe-leather costs B. Menu costs C. Tax distortions D. All…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: In connection with surfacing a new highway, a contractor has a choice of two sites on which to set…

A: Fixed costs are those that remain constant regardless of changes in production levels. Contrarily,…

Q: Jane Smart plans to make the following deposits in an account towards cash purchase of a real estate…

A: The interest rate is the amount a moneylender charges a borrower and is a percentage of the…

Q: Consider a market with just one business and high obstacles to entry, where P = 100 - 2Q and MR =…

A: The demand curve is a graphical representation of the relationship between the price of an item or…

Q: Use the following information to work Problems 1 to 3. Brazil produces ethanol from sugar, and the…

A: In microeconomics theory, the value or benefit forfeited by engaging in a specific activity in…

Q: Identify and describe the four stages of the ‘Economic Cycle’.

A: Economic Cycle is defined as a cycle which refers to the fluctuations in an economy between the…

Q: game. Find all the pure strategy and mixed strategy Nash equilibria in the following Player 2 M R…

A: Pure Strategy Nash Equilibrium gives us the best response/action given what the other player is…

Q: show if completness imply transtive, and transitive imply completness prove

A: Completeness does not imply transitivity. Transitivity does not imply completeness.   Explanation:…

Q: What short-run effect might a decline in the demand for electronic components for automatic teller…

A: ATC refers to the cost that is used to produce a unit of good which is divided by the manufacture of…

Q: What is the value of real GDP in 2019 if the GDP deflator is equal to 1.1 and nominal GDP is $21.5…

A: "Nominal GDP represents GDP at current prices without taking into account the adjustments for…

Q: 12. In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. a.…

A: "In economics, opportunity cost in production of two products represents the number of units of one…

Q: Suppose the figure night, raises the floor price of milk above the displayed 51.50-per-litre floor…

A: A price floor is the minimum legal price below which the quantity can not be traded.  From fig, At…

Q: Refer to Table 6.3 below, use the expenditure approach to calculate gross domestic product from the…

A: The expenditure approach is a technique for computing a country's total national output (Gross…

Q: Bob views apples (a) and oranges (o) as perfect substitutes in his consumption. When we put apples…

A: Perfect Substitute goods are those goods which are use in place of each other. In the perfect…

Q: A) Can the government tax its own agencies or instrumentalities? Explain.

A: No. Most state agencies and local government entities in most cases are exempt from paying taxes.…

Q: Suppose a low-income family that earns K750 per month consumes 8 Kgs of Hamburgers and 2 Kgs of Beef…

A: Income elasticity of demand is the responsivenesses of the quantity demanded for a good to a change…

Q: An oil refinery produces one base type of crude oil. The total cost is given by the equation Total…

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

Q: Question 1: What does it mean for two goods to be perfect substitutes? Question 2: Represent the…

A: When two goods are perfect substitutes, one of the goods can be replaced by the other in exactly the…

Q: Consider the following national income accounting data for an economy in a recent year. All figures…

A: The gross domestic product (GDP) is a measure that attempts to capture a country's economic output.…

Q: Joint venture does not improve access to financial resources.   Question 17 options:   True…

A: Joint venture is known as the arrangement between two or more firms to come together for a…

Q: . Question 11 options: ----------------Measures the value of production that occurs within a…

A: GDP or Gross Domestic Product is the sum total of the market value of final goods and services…

Q: What policies (if any) should governments in more economically developed countries (MDCs) pursue to…

A: A developed country (or industrialized country, big league salary country, more economically…