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# Economics Question

Describe how goals, constraints, incentives, and market rivalry affect economic decisions.Analyze demand, supply, equilibrium prices, and price elasticities as a quantitative tool to forecast changes in revenues.
Using the graph below, develop a 3- to 5-page response in APA format using the following four-question prompt:
Question 1
What is the maximum amount you would pay for an asset that generates an income of \$250,000 at the end of each of five years if the opportunity cost of using funds is 8 percent?
Question 2
Suppose the supply function for product X is given by Qxs = −30 2Px − 4Pz. (LO1)
How much of product X is produced when Px = \$600 and Pz = \$60?
How much of product X is produced when Px = \$80 and Pz = \$60?
Suppose Pz = \$60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.
Question 3
Suppose the own price elasticity of demand for good X is −5, its income elasticity is −1, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3.
Determine how much the consumption of this good will change if:
The price of good X decreases by 6 percent.
The price of good Y increases by 7 percent.
Income increases by 3 percent.

Question 4
A consumer is in equilibrium at point A in the accompanying figure. The price of good X is \$5.
What is the price of good Y?
What is the consumer’s income?
At point A, how many units of good X does the consumer purchase?
Suppose the budget line changes so that the consumer achieves a new equilibrium at point B. What change in the economic environment led to this new equilibrium? Is the consumer better off or worse off as a result of the price change?

So, what is the difference between nominal and real GDP, and how would you convert nominal GDP into real GDP? Does GDP accurately reflect our nation’s productivity? Why or why not? What benefit would you get from this conversion? Also, for the list of things that may not be included in or accurately measured by nominal GDP, can anyone provide any solution for a better accounting of GDP?