Econlab Study guides, Class notes & Summaries

MACRO ECON 202 HW 4 (myeconlab) questions and answers graded A+ The price index which is used to measure changes in the cost of living is the Consumer Price Index​ (CPI). Which of the following is not considered one of the potential biases in calculating the consumer price​ index? Coverage bias. Which of the following steps has not been taken by the Bureau of Labor Statistics​ (BLS) to reduce the size of the biases in the​ CPI? The BLS has expanded the number of store...

Why in microeconomics can we measure production in terms of quantity, but in macroeconomics we measure production in terms of market value? - If in macroeconomics, we measured production using quantities, we would add tons of wheat grown by US farmers to the number of iPods produced by Apple, etc when we measure total production, we can't just add together the quantities of every good and service because the result would be meaningless measuring production using market value in dollar ter...

Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. The production function for a firm is q = -0.6L 3 + 18L 2K + 10L where q is the amount of output, L is the number of labor hours per week, and K the amount of capital. The wage is $100 and the rental rate is $800 per time period.

Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. The demand and supply functions for oil in a small isolated country are Qd = 210 - 1.5p and Qs = -140 + 2p, where p is the price per barrel and quantities are in millions of barrels per year:

Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. The marketing department of Acme Inc. has estimated the following demand function for its popular carpet deodorizer, Freshbreeze: Q = 100 – 5p, where Q is the quantity of an 8 oz box sold (in thousand units) and p the price of an 8 oz. box

Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. Lucy wants carpets and paintings for her office. Her company has given her a budget of $7,200 for this purpose. Persian carpets of the size that she wants can be purchased for $900 each and paintings from a local Native American artist cost $400 each.

Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. A competitive firm’s cost of producing q units of output is C = 18 + 4q + q 2 . Its corresponding marginal cost is MC = 2q + 4.