Gdp and price index problem
Problem: Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the price index is 105 in 1993, and real growth in 1994 is 3 percent, what is the price index in 1994?
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Describe why if your friends comply this is enough data to compute the cluster coefficient.
Find the contribution margin and the break even point in both units and dollars.
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Economists are often criticized for making assumptions. Why are assumptions necessary? To think about this, you might consider an assumption that is often made: people are ratonal.
Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the price index is 105 in 1993, and real growth in 1994 is 3 percent, what is the price index in 1994?
a) What is the economic life of the machine? b) What is the equivalent annual cost over that life? Now assume that the MARR is 5%. c) What is the economic life of the machine?
Problem: Is there a relationship between the elasticity of demand and revenue? Explain.
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Evaluate the impact of the price cut on the (i) total revenue and (ii) contribution margin of Model A. Based on this analysis, should the firm lower the price of Model A?
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