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Explain why the purchase and sale of used goods and of financial assets are not included in the calculation of GDP even though transactions in these items amount to billions of dollars daily.
Business Economics, Economics
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What is the usefulness of the total revenue test for price elasticity of demand? What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?
By chance does any know What percentage of the world GDP has the Global 500 contributed most recently?
Suppose that a certain precinct contains 350 voters, of which 250 are Democrats and 100 are republicans. If 30 voters are chosen at random from the precinct, what is the probability that exactly 18 democrats will be sele ...
Tom's income is $480and he spends it on two goods, X and Y. His utility function is U = XY. Both X and Y sells for $8 per unit. a. Use lagrangian function to calculate Tom's utility-maximizing purchases of X and Y. b. I ...
Find the probability that 4 randomly selected people all have the same birthday, given that all of them were born in September. Ignore leap years.
A sample of 100 randomly selected students found that the proportion of students planning to travel home for Thanksgiving is 0.68. What is the Standard Deviation of the sampling distribution?
If the marginal propensity to consume is equal to 0.30, what will be to total change in output (or income) that will result from an increase in government expenditure of 127.4?
Question 1 Find the area between .-88 standard deviations below the mean and 2.35 standard deviations above the mean. '88=.3106 and 2.3=.4906 Both figures are added .3106+.4906= .8012 which is 80.12% Question 2 The area ...
Describe 2 variables a government will look at to predict where the economy will be in the next six months.
Practical Exercise 1: Assume the demand for teachers (Ld) in a school is given by the following equation: W = 1700 - 2L D and the supply of teachers (L S ) depends on whether the school is a public school or private sch ...
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