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Wittaler [7]
3 years ago
15

1. Assume the value of a market basket for a given year is $550 and the same basket in the base year was $500. Calculate the CPI

. 2. If the CPI for a given year is 90 then the change in prices between that year and the base year is 3. Fill in the blanks in the chart below. Start with 2009 as the base year then recalculate with 2010 as the base year.
Business
1 answer:
Cerrena [4.2K]3 years ago
3 0

Answer:

current price of the CPI basket = $550

base year's price of CPI basket = $500

CPI = (cost of basket in current year / cost of basket in base year) x 100

1) the CPI for the current year = ($550 / $500) x 100 =  110

2) if the CPI decreased to 90, it means that the economy is suffering from deflation or the decrease in the general price level. It would take a 10% decrease in the price level (deflation) to reach a CPI of 90.

3)

nominal GDP                       real GDP                      GDP deflator

$100 billion                          $80 billion                    <u>125</u>

<u>$200 billion</u>                        $100 billion                    200

<u>$240 billion</u>                        $200 billion                   120

$300 billion                        <u>$200 billion</u>                   150

$100 billion                         <u>$80 billion</u>                      125

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We can use the Cournot model to derive an equilibrium industry structure. For this purpose, we will define an equilibrium as tha
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Answer:

a. long run equilibrium numbers of firms in the industry are 4

b. Output of each firm will be 16

Explanation:

Under cournot’s equilibrium, the cost function of an individual firm is written as:

C(q) = F + cq

In our case, C(q) is given as

C(q) = 256 + 20q

Therefore, F = 256 and c = 20

At the same time, the demand function is written as:

P(Q) = a - bQ

In our case, P is given as

P = 100 – Q

Therefore, a = 100, b =1

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N = ((a-c)/(bF)^0.5) – 1

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N = (80/16) – 1 = 4

Therefore, long run equilibrium numbers of firms in the industry are 4

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3 years ago
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4 0
3 years ago
Franklin Corporation issues $50,000, 10%, 5-year bonds on January 1, for $52,100. Interest is paid semiannually on January 1 and
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Answer:

Bond interest expense = $2,290

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Explanation:

given data

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solution

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