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1. UYGULAMA DERSÃ� SORULARI VE CEVAPLARI (1-5)_05 (1)

# 1. UYGULAMA DERSÃ� SORULARI VE CEVAPLARI (1-5)_05 (1) -...

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ISL233-M İ KRO İ KT İ SAT-UYGULAMA-1 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 = 420-120 = 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: The equilibrium price can be found by equating Demand and Supply (graphically, this is where the Demand and Supply curves intersect). 250,000 375 15,000 212.5 . = - = + = D S Q P P Q We can then solve for equilibrium Price.

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