for use in the production of a new house that will be built in the United States in 2015

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Activities included (and not included) in the calculation ofGDP

Activities included (and not included) in the calculation ofGDP

Question

1. Activities included (and not included) in the calculation ofGDP

The gross domestic product (GDP) of the United States is defined as the all in a given period of time.

Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2015.

Zippicar, a U.S. automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 9, 2015. It sells the car at a dealership in New York City on February 24, 2015. (Included /excluded)

Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December 5, 2015. An elementary school student buys the chocolate bar on December 24. ( included/excluded)

The Jones family buys an antique silver platter at an auction in upstate New York on March 17, 2015.(Included/excluded)

Atheliticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 17, 2015.Athleticus imports the pair of sneakers into the United States on May 21, 2015. (Included/excluded)

Treetop lets, a U.S. lumber company, produces wood at a plant in Oregon on September 13, 2015. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2015. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) (included/excluded)

Activities included (and not included) in the calculation ofGDP

 

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 Consider a representative consumer with CobbDouglas preferences

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Intermediate Microeconomics Homework Set 6 (2015)

Intermediate Microeconomics Homework Set 6 (2015)

Question

Intermediate Microeconomics
Homework Set 6: Intertemporal Choice and Competitive Equilibrium
(Due 11/06)
Exercise 1 (20 pts)
There are two goods in this economy, Cigarettes and “all other goods,” sold at a
per unit price of pc and po = $1. Consider a representative consumer with CobbDouglas
preferences u(xc, xo) = x
1/3
c x
2/3
o , where xc is the quantity of cigarettes and xo
is the quantity of “all other goods” (assume both amounts can be any positive real
number). This consumer has a $9 income. Suppose congress enacts a $0.75 quantity
tax on cigarettes (a quantity tax is a per unit tax). Show the original and new budget
constraint for a representative consumer.
(1) Compute the pre- and post-tax optimal bundle. Then decompose the change in
cigarette consumption into income and substitution effects.
(2) What is the maximum amount the smoker would have been willing to pay the
government not to impose the quantity tax? What is the name of this concept?
(3) What amount of income would have to be given to the smoker after the tax to
restore his or her utility to the pre-tax level? What is the name of this concept?
(4) What is amount of taxes the government collects from the consumer? Show
that the government could levy a lump sum tax on the consumer without changing
the price of cigarettes, collect the same amount of revenue, and leave the consumer
better off.

Exercise 4 (20 pts)
Consider an exchange economy with two consumers and two goods. The consumption
sets of the consumers are R
2
+. Each consumer has the same utility function u(x1, x2) =
min{x1, x2}. Provide a complete characterization of all the allocations which are in the
core of this economy. (Recall that an allocation is in the core if it is i) Pareto optimal
and ii) Individually rational (weakly preferred to the endowment))

Exercise 6 (20 pts)
2
Consider an exchange economy with two consumers, A and B, and two goods, 1 and
2. Consumer A’s initial endowment is (1, 2), and B’s initial endowment is (2, 1). Their
preferences are represented by the utility functions uA(x
A
1
, xA
2
) = (x
A
1
)
0.25(x
A
2
)
0.75 and
uB(x
B
1
, xB
2
) = 2(x
B
1
)
0.1
(x
B
2
)
0.9
.
(1) Represent the initial situation in an Edgeworth box (draw the indifference curves
through the endowment).
(2) What is the equation of the contract curve? Draw it on the diagram.
(3) Compute the Walrasian equilibrium of this economy.
3

Intermediate Microeconomics Homework Set 6 (2015)

 

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describe the following terms as they relate to the statement of cash flows: cash, operating activities, investing activities, and financing activities. What can creditors, investors, and other users glean from an analysis of the statement of cash flows?

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Discussions
To participate in the following discussions, go to this week’s Discussion link in the left navigation.
The Statement of Cash Flows

Referencing this weeks readings and lecture, describe the following
terms as they relate to the statement of cash flows: cash, operating
activities, investing activities, and financing activities. What can
creditors, investors, and other users glean from an analysis of the
statement of cash flows?
Respond to at least two of your classmates posts.

Analyzing the Statement of Cash Flows

Using the table below, explain the difference between net income and
cash flow from operating activities for Techno in 2009 and analyze
their cash flows for 2008 and 2009.

(in thousands)
2009
2008

Net income
$ 316,354
$ 242,329

Noncash charges (credits) to income

Depreciation and amortization
68,156
62,591

Deferred taxes
15,394
22,814

$ 399,904
$ 327,734

Cash Provided (Used) by Operating Assets and Liabilities:

Receivables
(288,174)
(49,704)

Inventories
(159,419)
(145,554)

Other current assets
(1,470)
3,832

Accounts payable, accrued liabilities
73,684
41,079

Total Cash Provided by Operations
$ 24,525
$ 177,387

Investment activities

Additions to plant and equipment
(94,1760)
(93,136)

Other investment activities
14,408
(34,771)

Net investment activities
($ 79,768)
($ 127,907)

Financing activities

Purchases of treasury stock
(45,854)
(39,267)

Dividends paid
(49,290)
(22,523)

Net changes in short-term borrowing
125,248
45,067

Additions to long-term borrowings
135,249
4,610

Repayments of long-term borrowings

(250,564)

Net financing activities
$ 165,353
($ 262,677)

Increase (decrease) in cash
$ 110,110
($ 213,197)

Beginning cash balance
78,114
291,311

Ending cash balance
$ 188,224
$ 78,114

Respond to at least two of your classmates posts.
Respond to at least two of your classmates posts.
Respond to at least two of your classmates posts.

 

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A house built on a riverside is to be cooled in summer by utilizing the cool

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A house built on a riverside is to be cooled in summer by utilizing the cool water of the river which flows at an average temperature of 15C. A 15-m-long section of a circular duct of 20-cm diameter passes through the water. Air enters the underwater section of the duct at 25C at a velocity of 3 m/s. Assuming the surface of the duct to be at the temperature of the water determine the outlet temperature of air as it leaves the underwater portion of the duct. Also for an overall fan efficiency of 55 percent determine the fan power input needed to overcome the flow resistance in this section of the duct.

 

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