Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 10, Problem 2E
(a)
To determine
The graph of the price of crude oil since 1987.
(b)
To determine
Compare today’s oil price with that in the 1990s.
(c)
To determine
The factors that explain the general changes in oil prices.
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The table below is extracted from Goodland Republic Bureau of Statistics records for
2016 -2017. Use the information to answer the questions that follow.
Goodland Economy 2013 and 2018
I tem
Price 2017 (Base year) Price 2018
Price per
Price per
Unit ($) | Production
55,000
98,000
45,000 2,450.00
110,000
6.000 7,000.00
Unit ($)
Production
50,000
100,000
50,000 23,000.00
120,000
5,000
Rice ( tons)
Wheat (tons)
Tractors mid-size (units)
Cotton (tons)
Used cars
Manufacture garments
( tons)
Eggs (Trays)
Соса Cola (litres)
Pepsi Cola (litres)
Beef (tons)
Second hand cloths (tons)
Alcoholic Beverages (litres)
Milk (litres)
1.50
2.00
2.00
2.50
100.00
120.00
5,000.00
50.00
150,000
2,000
6,000
700
145,000
2,300
6,500
70.00
2.50
3.50
0.80
1.20
1.50
1.10
850
5,000
500
500
4,800
450
600
6.50
8.50
15.00
25.00
3.25
3.75
7,000
2.30
7,500
2.50
Examine the status of the economic welfare in Goodland Republic in 2018 based on
your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is…
TOTAL REVENUE (Dollars)
On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90,
$105, and $120 per scooter.
1460
1320
1180
1040
900
760
620
480
340
200
0
15
30
45 60 75 90 105 120 135 150 165 180 195
PRICE (Dollars per scooter)
Total Revenue
(?
According to the midpoint method, the price elasticity of demand between points A and B is approximately
Suppose the price of scooters is currently $45 per scooter, shown as point B on the initial graph. Because the demand between points A and B is
a $15-per-scooter increase in price will lead to
in total revenue per week.
The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018
Item
Price 2017
Price 2018
Production
Price per unit
Production
Price per unit
Rice (000tons)
50000
1.5
55000
2
Wheat (000 tons)
100000
2
98000
2.5
Tractor mid size( units )
50000
23000
45000
24500
Cotton (000 tons)
120000
100
110000
120
Used Cars (00)
5000
5000
6000
7000
Manufacture Garments (000 tons)
150000
50
145000
70
Eggs (000 trays)
2000
2.5
2300
3.5
Coca cola (000litres)
6000
0.8
6500
1.2
Pepsi cola (000 litres)
700
1.1
850
1.5
Beef (000 tons)
5000
6.5
4800
8.5
Second hand clothes (000 tons)
500
15
450
25
Alcoholic Beverages (000 litres)
500
3.25
600
3.75
Milk (000)
7000
2.3
7500
2.5
Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to…
Chapter 10 Solutions
Macroeconomics (Fourth Edition)
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