Suppose you invest $200 per month for a period of 30 years.

a) How much money would you have at the end of the 30-year period, assuming that the yearly interest rate is 12% compounded monthly? You can assume that the payments are deposited at the end of each month. (Hint: write the amount accumulated in the bank for the first few months, and try to get a pattern out of that.) (answer: $698,992.83)

b) Using the same approach, indicate how much you would have at the end of 35 years? (answer: $1,286,191.83)

A pool maintenance worker puts 0.1 ppm of chlorine in a pool each day, at the end of the day.

a) Assuming that initially, the pool contained 3 ppm of chlorine and that chlorine dissipates at a rate of 15% per day, find the level of chlorine in the pool, in the long run. (answer: 0.67)

b) If it is given that the ideal chlorine level in a pool is 2.5 ppm, what would you advise the pool worker in terms of the amount he should be adding each day? (answer: 0.375)

What were Alfred Marshall's economic perspectives?

Do you agree/disagree?

Suppose the process of producing light bulbs is described by the function q = 2KL2, where q is the number of light bulbs produced, K is the number of capital inputs,and L is the number of units of labor. Suppose the price of capital is $5 per hour, the price of labor is $10 per hour and 16 units of output are produced.
a) Write down the Lagrangian as a function of K, L and λ.
b) Using the Lagrangian framework of cost minimization, show the mathematical relationship between K and L.

c) Whatistheminimumcostofproducing16unitsofoutput? Istheminimumcostequalto30 dollars? Illustrate your calculations

Table 1

The following table shows output per hour produced by the different units of labor.

Table 1

The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.

     8.   According to Table 1, if the wage rate is $9 per hour, how many workers should this firm hire?

     9. According to Table 1, the marginal-revenue product of the:

   10.   According to Table 1, if the wage rate is $6 per hour, how many workers should this firm hire?

   11.   Refer to Table 1. If both the wage rate and the price of the good falls to $2, how many workers would the firm hire?

12.­ The structure of the product market as described by Table 1 is:

The unemployment rate in Wisconsin is usually lower than the national unemployment rate.

Group of answer choices

True

False

A major stock market crash occurred in the 1980s while minimum wage fell only slightly, which caused

Group of answer choices

A decrease in the price level and output

A decrease in the price level and output remains constant

Prices and output to both be indeterminable

The total physical damage due to the September 11^th attacks was about $16 billion. The economic damage is estimated to be $30 billion. We can thus estimate that the wealth of the U.S. dropped in the matter of a few hours by about $46 billion, causing

Group of answer choices

Deflation and the unemployment rate to fall

Deflation and the unemployment rate to rise

Inflation and the unemployment rate to rise

Inflation and the unemployment rate to fall

Write to either the President (on fiscal policy) or to the Chair of the Federal Reserve (on monetary policy) describing a specific policy action that you believe should be taken at this moment in time (e.g., lower taxes or buy bonds) and explain why you would take the action (what is currently happening in the economy and what will this action accomplish?)

Which of the following will increase both the price level and real GDP?

Group of answer choices

A nationwide drought that drives up the prices of agricultural products

A reduction in government spending for goods and services

Greater optimism among business executives

The aggregate demand curve is

Group of answer choices

Downward sloping because a reduction in the price level leads to a lower interest rate, causing consumption and investment spending to increase

Downward sloping because a reduction in the price level leads to a higher interest rate, causing consumption and investment spending to increase

Upward sloping because as output is expanded shortages of resources are encountered which cause prices to rise

When inflation is steady and low, the rate at which prices rise is

Group of answer choices

difficult to predict

easy to predict

Which would NOT cause GDP to rise?

Group of answer choices

Between 1970 and 2000 the number of Americans in prison nearly quadrupled, causing government to increase its funding for prisons

Minimum wage rises from $7.25 to $8.25

A stock market boom

In the past decade more people are hiring maids to do the work they used to do themselves

The U.S. economy generates $_______ per year in economic activity. GDP includes all items produced and sold. T/F?

Group of answer choices

18 trillion, false

18 trillion, true

18 billion, false

18 billion, true

The value of GDP can be determined by adding together

Group of answer choices

Compensation of employees, interest, government purchases, and exports

Government purchases, consumption, business investment, and net exports

Compensation of employees, interest, corporate profits, and government purchases

Consumption, compensation of employees, net interest, and government purchases

Which would increase U.S. GDP?

Group of answer choices

An increase in charitable contributions by U.S. citizens

A garage sale with all used items

An increase in prices in the foreign market

None of the above

The average annual income for a female in Wisconsin is $38,000, while for a male it is $45,000. If prices rise by 2% next year and salaries of both females and males rise by 2% we can expect

Group of answer choices

No change in nominal income while real income rose

No change in nominal income and no change in real income

Nominal income rose and no change in real income

Nominal income rose while real income fell

The amount of unemployment that is normal or unavoidable is due to

Group of answer choices

The mismatching of candidates to a job and the time lags involved in labor market adjustments

The voluntary idleness of those who choose not to seek employment

The ups and downs in the level of economic activity in the economy and the time lags involved in labor market adjustments

The impact of foreign competition on our domestic job conditions and the lack of demand for domestic goods and services

How was the AppleWatch team built? What skills were needed and what were the main tasks assigned to team members?

In the short run a firm can produce 11 units of output by employing 2 units (hours) of labour and 15 units of output employing 3 units of labour. Suppose the hourly wage rate is $10. What is the marginal cost of producing the 14th unit of output? Clearly show all steps of your work.