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HW#1- ECON 202 127-Taif Mohammed 21602171 1.Answer the following questions based on the demand and supply model for a business firm producing motorcycles. Assume that 427 motorcycles is the optimal and most profitable level of production for the firm. All dollars are in thousands.
e c i r P
Motorcycle s (a) What are the equilibrium price and quantity at the medium level of demand (D M )?
Th e equilibrium quantity at the medium level 427 motorcycles and equilibrium price is
$20,000 (b) What will be the equilibrium price and quantity if there is a demand shock that unexpectedly lowers demand (D L )?
The equilibrium quantity is 427 motorcycles and equilibrium price is $10,000 if the shock lowers
demanded (c) What will be the equilibrium price and quantity if there is a demand shock that unexpectedly increases demand (D H )?
The equilibrium quantity is 427 motorcycles and equilibrium price is $30,000 if the stock increases
demand (d) What can you conclude will happen to prices and output when this model is shocked by changes in demand?
Since the quantity of motorcycles is not affected by a shock in demand, there is no
change in quantity demanded however, a shock that lowers the price of the
motorcycles while a shock that increases demand increases the price of the
2. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are
Consumption of employees $ 194.2 U.S. exports of goods and services 30.5 Consumption of fixed
capital 24.5 Government purchases 46.7 Taxes on production and imports 14.4 Net private domestic
investment 39.4 Transfer payments 13.9 U.S. Imports of goods and services 17.5 Personal taxes 40.5 Net
foreign factor income 14.9 Personal consumption expenditure 231.8 Statistical discrepancy 0
GDP= consumption investment + government expenditure + net exports
=334.1 billion (in dollars)
=331.9 billion (in dollars
=334.1 billion (in dollars)
3. A small economy starts the year with $1012700 in capital. During the course of the year, gross investment is
$162700and depreciation is $51000. How big is the economy’s stock of capital at the end of the year?
Stock of capital = 1,012,700 + 162,700-51,000=1,124,400 4. The following data show nominal GDP and the appropriate price index for several years. Compute real GDP for each year and indicate whether you have “inflated” or “deflated” nominal GDP in finding real GDP. All GDP are in billions.
Year Nominal GDP Price level index Real GDP Inflated (I)
1 $230 230 __119___ __D___
2 243 231 __105___ ___D__
3 180 212 ___85__ ____D_
4 276 223 ___124__ ___D__
5 229 103 __222___ __D___
6 93 129 ___72__ ___D__
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