Answer:
The GDP for year 1, year 2, and year 3 is $12, $20 and, $30 respectively.
Explanation:
The nominal GDP is the value of goods and services produced in an economy in a year.
Here, the economy produces only chocolate bars. So we can find nominal GDP by calculating the value of chocolate bars produced in each year.
Nominal GDP for year 1
= 
= 
=$12
Nominal GDP for year 2
=
= 
=$20
Nominal GDP for year 3
=
= 
=$30
Answer:
the cost recorded for the equipment is $52,500
Explanation:
The computation of the cost recorded for the equipment is shown below:
The Cost of equipment is
= Purchase price + Transportation cost + Sales tax + Installation cost
= $45,000 + $2,300 + $3,100 + $2,100
= $52,500
Hence, the cost recorded for the equipment is $52,500
The same is to be considered by applying the above formula
Answer:
The answer is "0.7275".
Explanation:
6 months =26 weeks.
Since we can write pdf in a medium 20 weeks since the distribution is exponential
Answer:
adult; inelastic.
Explanation:
Data provided in the question
Increase wage rate percentage is 10%
And, the given supply percentage is 7%
As there is no information given in the question related to the teenager and adult so we assume that the data is given for adult
Since the wage rate is increase by 10% which reflects the adults worker and due to which the supply is 7% more labor. So the elasticity of labor supply is inelastic as the supply is less than the wage rate so it cannot be perfectly elastic
Increase quantity demanded by 5 percent
