# Economic Calculations

We already have answers to the below problems. We need someone who is an expert to solve the same problems below so we can compare our answers with his. If you are an expert this should not take more than 1 hour. Selection will be made today!

Problems:

1. Let the price of Barbancourt (the Haitian Rhum) be \$15 a bottle in 1990 and \$25 in 2008, and its production 5000 and 7500 bottles respectively for the two years. Let the price of a bag of rice be \$200 in 1990 and \$350 in 2008, when its production is 10000 and 25000 bags for the same two years. Let the price of a bag of beans be \$250 in 1990 and \$400 in 2008, when its production is 8000 and 20000 bags of the two years respectively. Using the year 1990 as the base year, compute:

a. The Nominal GDP for both years

b. The real GDP for both year

c. The Implicit Price Deflator for GDP for both years

d. The CPI for both years.

2. Suppose that the closed economy of an island H is described by the following equations: GDP (Y) = 8000, government expenditures (G) = 600, Taxes (T) = 1000, Consumption (C) = 400 + 3/4 (Y-T), and investment (I) = 200 – 20 r

a. Write the equation of the GDP

b. Compute

1. Private saving

2. Public saving

3. National saving

4. Equilibrium interest rate

5. What can you conclude about the economy of Island H?

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