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Question 2
You have been employed as the chief economist for the economy UWI Land. The
head statistician has provided you with the following information:
Compensation of Employees
900
Corporate profits 400
Factor income paid to the world 325
Factor Income received from the world
170
Indirect taxes 775
Subsidies 125
Consumption of goods 850
Net interest 75
Rent Income 125
Consumption of services 475
Residential investments 350
Non-residential investments
525
Government Expenditure 925
Imports 700
Exports 300
Proprietor’s income 300
Calculate UWI Land’s GDP using the Income and Expenditure Approach
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- Prepare a SWOT analysis using the details below. Maria is planning to open up a Cafeteria near her house. She closed her previousCafeteria few months ago because the rental keeps getting higher and the income is decliningbecause of the COVID19 pandemic. It came up to her the idea to open again since a lot ofpeople are asking for online delivery of their favorite snacks offered in her shop since most ofthe people would stay at home and would prefer food delivered in their doorsteps. Since sheowned a vacant lot near her house, and she thought that re-opening her shop in that locationwould be a great idea and she will not pay rentals anymore. And her Café Services will stillcontinue but with the added services like the Food Panda does.Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…Given the gellowing hypothetical data on ingut (x) amd tätal Physical Pro duct (TPP) oy xZ corperation. Input (x) Tatal Physical Prě du ct (TPP) Average Physi cal Product CAPP) Marginal Physical Pro du ct (MPP) 3 4 14 3.5 4 24 4 8. 32 4 4 10 38 3.8 3 12 42 3.5 2 14 44 3.14 1 44 2.75 18 42 2.33 -1 20 30 1.5 - 6
- ■CASE STUDY THE PROPERTY MANAGER AS ECONOMIST-PLANNER After graduating from college with honors and a master's degree in eco- nomics, Charles Gill was hired by the local urban renewal authority in his home town of approximately 500,000 people. His responsibilities were in the areas of statistics, financial planning, and research. When activities of the urban renewal authority began to wind down upon completion of a major downtown redevelopment project, one of the directors, a businessman who had acquired some real estate investment property, hired Charles to manage one of his residential rental properties. The area's economy had slowed with the general downturn that occurred throughout the country and severely depressed the price of real estate in many areas, including property in Charles's town. In addition, a local defense factory had closed, leaving hundreds out of work. Charles saw there were suddenly many properties available that were priced far less than they had sold for just a…P Take a Test - Panela Kancefwere Personal - Microsoft Edge A https/www.mathxl.com/Student/PlayerTest.aspx?testid-2339589008centerwin 2021FL ECON-2301-20005 (T Th 08:00 AM-09:20 AM) Pamela Kamdefwere & 09/25/2112:36 = Test: Exam 1 Question 3 This Test: 64 pts possible Submit Tes st If the current market price is $25, the market will achieve equilibrium by 50- O A. a price increase, increasing the quantity supplied and decreasing the quantity demanded, 45- O B. a price decrease, decreasing the supply and increasing the demand. 40- O C. a price decrease, decreasing the quantity supplied and increasing the quantity demanded. 35- 30- O D. a price increase, increasing the supply and decreasing the demand. 25 20- 15- 10- 5- 0- 100 200 300 400 500 600 700 800 900 1000 1100 Quantity O Time Remaining: 01:24:39 Next 11:59pm Pearcon ($) aoudThe four categories of income in the economy are: wages, rent, interest, profit O consumption, investment, government spending, net cxports O consumption, saving, taxcs, government spending O labor, land, capital. tcchnology
- The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Note: PRICE (Dolar per box) 249 ARKRE 20 50 45 40 35 0 40 Supply and 80 120 160 200 240 200 320 350 400 QUANTITY (Mons of boxes) Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 232 Quantity Supplied (Millions of boxes) 168Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. Fill in ALL THE VALUES FROM A to R in the table.The economy of Zambia has two sectors, agriculture and industry. Consumers are the end users ofthe final output. The agriculture sector produces maize worth K16000 and milk worth K16000.Maize worth K4000 as well as milk worth K6000 is sold to consumers for direct consumption, andmaize worth K12000 and milk worth K10000 is sold to the industry as intermediate inputs in theproduction of mealie meal and butter respectively. The industry uses this maize to produce mealiemeal worth K32000 and uses milk to produce butter worth K18000 which are sold to consumersfor final consumption. In addition, the agriculture sector pays wages worth K20000, rent worthK4000 and earns profit equal to K8000. The industry sector pays wages worth K16000, rent worthK6000 and earns a profit of K6000.a) Calculate GDP for the above economy using the three approaches: product approach, incomeapproach, and expenditure approach.b) Peter was bragging to his wife that his country, Zambia, is doing better than his wife’s…
- The economy of Zambia has two sectors, agriculture and industry. Consumers are the end users ofthe final output. The agriculture sector produces maize worth K16000 and milk worth K16000.Maize worth K4000 as well as milk worth K6000 is sold to consumers for direct consumption, andmaize worth K12000 and milk worth K10000 is sold to the industry as intermediate inputs in theproduction of mealie meal and butter respectively. The industry uses this maize to produce mealiemeal worth K32000 and uses milk to produce butter worth K18000 which are sold to consumersfor final consumption. In addition, the agriculture sector pays wages worth K20000, rent worthK4000 and earns profit equal to K8000. The industry sector pays wages worth K16000, rent worthK6000 and earns a profit of K6000.a) Calculate GDP for the above economy using the three approaches: product approach, income approach, and expenditure approach. b) Peter was bragging to his wife that his country, Zambia, is doing better than his…cost of car ut whent + is ig st 15 plus 1. G&G Cat Food sells cans of cat food to customers. The quantity of output (cans of cat food) and the corresponding number of employees per hour in the following table: VC ATC: AC AFCA AUC MC($/can) ATC($/can) AVC($/can) Employees/hr Isnisnal 1 2 3 4 5 6 Cans/hr 10 20 28 32 35 37 TC($) G&G Cat Food is a profit maximizing firm in a perfectly competitive market, and each employee earns $20 per hour. Fixed costs come from a 1-year contract for rents paid on the factory, and are the equivalent of $40 per hour. (a) Fill in the table above. (b) If the market price of cat food is $5 per can, how much cat food would G&G produce per hour? Calculate the hourly profits at this level of output. 391 100 222 (c) What output would be produced if process dell to $1.50 per can? What would profits be in the short run?The table below is extracted from Happy land Republic, Bureau of Statistics recordsfor 2018-2019. Use the information in this table to answer the questions that follow.Item Base year (2015) 2016Production Price Production PriceUsed car sales 5,000 2000.00 6,000 2,500Factory components sales 8,000 500.00 10,000 1200.00Cloth sales 8,000 20.00 14,000 35.00Beef sales 1,500 10.00 1,800 12.00Milk litres sales 5,000 1.30 6,000 2.50Computers sales 2000 500.00 2500 800.00Printers sales 500 300.00 400 355.00Raw materials for tractorassembling plant sales 4500 250.00 4450 300. i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016ii. Why does real GDP always defer from nominal GDP?