1. Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you

one hundred dollar of interest is apid each month on an investment of $10,000. If interest is compun… Show more one hundred dollar of interest is apid each month on an investment of $10,000. If interest is compund monthly, what is the accumulation at the end of two years? • Show less

There are a number of measures of aggregate economic activity, such as GDP, GNP, national income, pe… Show more There are a number of measures of aggregate economic activity, such as GDP, GNP, national income, personal income, and disposable personal income. Each of these measures can be a good indicator depending on the issue under consideration. For each of the following issues, give your reasons for selecting one of the measures just mentioned as the best indicator to use in studying the issue: a. the proportion of income households save b. the relative share of earnings going to labour versus capital c. the total output of new final goods and services. • Show less

the horizontal axis and quan… Show more For each item below, draw a graph with quantities of pepperoni pizza on the horizontal axis and quantities of anchovy pizza on the vertical axis to illustrate the following situations. In each case draw two di erent indi erence curves and make a little arrow pointing in the direction of greater preference. (a) Marvin loves pepperoni pizza and hates anchovy pizza. (b) Mary hates anchovy pizza and is completely indi erent about pepperoni pizza. • Show less

Waiting line excel simulation creation help. Particularly if you can show the steps to create the si… Show more Waiting line excel simulation creation help. Particularly if you can show the steps to create the simulation, a graphic, screen capture, and the cell formulas will help go a long way to discovering how to answer this case problem. County Beverage Drive-Thru County Beverage Drive-Thru, Inc., operates a chain of beverage supply stores in northern Illinois. Each store has a single service lane; cars enter at one end of the store and exit at the other end. Customers pick up soft drinks, beer, snacks, and party supplies without getting out of their cars. When a new customer arrives at the store, the customer waits until the preceding customer’s order is complete and then drives up to the store order window for service. Typically, three employees operate each store during peak periods; one clerk takes orders, another clerk fills orders, and a third clerk serves as cashier and store supervisor. County Beverage is considering a revised store design in which computerized order-taking and payment are integrated with specialized warehousing equipment. Management hopes that the new design will permit operating each store with one clerk. To determine whether the new design is beneficial, management decided to build a new store using the revised design. County Beverage’s new store will be located near a major shopping center. Based on experience at other locations, management believes that during the peak late afternoon and evening hours, the time between arrivals follows an exponential probability distribution with a mean of six minutes. These peak hours are the most critical time period for the company; most of the company’s profit is generated during these peak hours. An extensive study of times required to fill orders with a single clerk led to the following probability distribution of service times: In case customer waiting times prove too long with just a single clerk, County Beverage’s management is considering two design alternatives: (1) add a second clerk to help with bagging, taking orders, and related tasks (still functioning as a single-server system and serving one car), or (2) enlarge the drive-through area so that two cars can be served at once (operating as a two-server system). With either of these options, two clerks will be needed. With the two-server option, service times are expected to be the same for each clerk (server). With the second clerk teaming with the first clerk in the single server design, service times will be reduced and would be given by the probability distribution in the following table. County Beverage’s management would like you to develop a spreadsheet simulation model of the new system and use it to compare the operation of the system using the following three designs: Management is especially concerned with how long customers have to wait for service. Research has shown that 30% of the customers will wait no longer than 6 minutes and that 90% will wait no longer than 10 minutes. As a guideline, management requires the average waiting time to be less than 1.5 minutes. Managerial Report Prepare a report that discusses the general development of the spreadsheet simulation model, and make any recommendations that you have regarding the best store design and staffing plan for County Beverage. One additional consideration is that the design allowing for a two-server system will cost an additional $10,000 to build. 1. List the information the spreadsheet simulation model should generate so that a decision can be made on the store design and the desired number of clerks. Items that I believe that should be included in the spreadsheet simulation are: service availability to customers, order size, service periods, number of lost customers, number of customers waiting, service completed for each customer, and profit. 2. Run the simulation for 1000 customers for each alternative considered. You may want to consider making more than one run with each alternative. Note: Values from an exponential probability distribution with mean can be generated in Excel using the following function: =µ*LN(RAND()). 3. Be sure to note the number of customers County Beverage is likely to lose due to long customer waiting times with each design alternative. • Show less

is strictly greater than 2. Mars h… Show more The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically. 1. Taking away some of good 1 and giving Mars 2 units of good 2 for each unit of good 1 taken away will necessarily make him worse o . 2. Taking away some of good 1 and giving Mars 2 units of good 2 for each unit of good 1 taken away will necessarily make him better o . 3. Giving Mars some of good 1 and taking away 2 units of good 2 for each unit of good 1 he is given will necessarily make him worse o . 4. Giving Mars some of good 1 and taking away 2 units of good 2 for each unit of good 1 he is given will necessarily make him better o . • Show less

The Twits have an income of m per week. Let x be food and let y be all other goods. Let px be the pr… Show more The Twits have an income of m per week. Let x be food and let y be all other goods. Let px be the price of food and py be the price of other goods. The Twits can use food stamps to buy food at a price of px(1s) for up to x • Show less

The president of the US announces in a press conference that he will fight the higher inflation rate… Show more The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president’s program will be successful, interest rates will fall. The president’s announcement will lower expected inflation so that the expected return on goods decreases relative to bonds. The demand for bonds increases and the demand curve, Bd, shifts to the right. For a given nominal interest rate, the lower expected inflation means that the real interest rate has risen, raising the cost of borrowing so that the supply of bonds falls. The resulting leftward shift of the supply curve, Bs, and the rightward shift of the demand curve, Bd, causes the equilibrium interest rate to fall. I figured this out for the answer, but how do I show it on a graph? • Show less

Using one or more recent examples reported in the U.S. media, explain why the state plays a key role… Show more Using one or more recent examples reported in the U.S. media, explain why the state plays a key role in shaping economic processes. • Show less

7. Suppose you own a specialized auto parts manufacturer. You purchase and have installed a new mach