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ISL233M
İ
KRO
İ
KT
İ
SATUYGULAMA1
05.10.2010
1.
The price of a taco was $0.29 in 1970 and $0.99 in 1993.
The CPI was 38.8 in 1970 and 144.0 in 1993.
What is the 1993 price of a taco in 1970 dollars?
Solution:
Real Price (1993) = [CPI (1970)/CPI (1993)] X Nominal Price (1993) = (38,8/144) x 0,99 = 0,27
2.
Since last year, the price of gold has risen from $120 to $420.
What annual inflation rate would leave the
real
price of gold unchanged over the last twelve months?
Solution:
Difference between nominal prices = 420120 = 300 => (120x
250
)/100 = 300 =>
% 250
3.
The daily demand for hotel rooms on Manhattan Island in New York is given by the equation Q
D
= 250,000 –
375P.
The daily supply of hotel rooms on Manhattan Island is given by the equation Q
S
= 15,000 + 212.5P.
Diagram these demand and supply curves in price and quantity space.
What is the equilibrium price and
quantity of hotel rooms on Manhattan Island?
Solution:
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 Spring '11
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