Below is a table of exchange rates and GDPS (Gross Domestic Products) for a variety of imaginary countries. Using this information, please answer the two questions that follow. Please specify answers to two decimal places. Name of GDP in billions Domestic GDP in Country domestic of domestic currency/U.S. billions of currency currency dollars U.S. dollars Potterland Lightrocks 701 22 Grangerland Linx 73 11 Weasley Icesticks 735 243 Island What is the GDP of Grangerland in billions of Lightrocks (the domestic currency of Potterland)? Billions of Lightrocks What is the exchange rate for Icesticks to U.S. Dollars? Icesticks/U. S. dollars

The Black Death: (a) Wages were higher after the Black Death because of diminishing returns. Our production model exhibits diminishing returns to labor: each additional unit of labor increases output by less and less. So if the amount of labor is reduced, the marginal product of labor — and hence the wage — increases. The reason is that capital stays the same: each remaining worker is able to work with more machines, so his productivity rises. In fourteenth-century Europe, the marginal workers could move to better land and discard old broken-down tools. Graphically, this can be seen by considering the supply-and-demand diagram for labor in Figure 4.2(b). If the supply of labor shifts back (because a large number of workers die), the equilibrium wage rate increases. Draw this graph — including the shift in the labor supply curve — to see the result for yourself. Mathematically, the result can be seen in the solution for the wage rate in our production model,…

What is pre Malthusian theory?

Why is having knowledge of graphing and basic algebra or essential for your understanding of macroeconomics and how they are used in the course