Economics: set 3

Which of the following bakery costs is a fixed cost in the short run (does not depend on the number of loaves baked)?

In a bakery, 3 bakers bake 300 loaves a day and 4 bakers bake 360 loaves (the oven and other conditions are unchanged). What is the marginal product of the 4th baker?

In economic theory, by what rule does a firm choose its output level to maximize profit?

Last year a family spent 540 thousand soums on consumption out of an income of 700 thousand; this year it spent 600 thousand out of an income of 800 thousand soums (hypothetical). What is this year's average propensity to consume (APC = consumption / income)?

In a hypothetical market, demand is Qd = 120 − 2P and supply is Qs = 20 + 3P (P in thousand soums, Q in units). The government sets a price ceiling of P = 10 thousand soums. What happens in the market at this price?

A hypothetical country's real GDP is growing steadily by 7% a year. According to the "rule of 70", in approximately how many years will real GDP double?

In a hypothetical district the working-age population is 20 000 people: 11 400 are employed, 600 are unemployed (looking for work and ready to work), and the rest are not in the labour force. What is the economic activity rate of the population (labour force / working-age population)?

In a hypothetical market the demand function for shirmon bread is P = 50 − Q (P in thousand soum, Q in units). The market price is 30 thousand soum. What is consumer surplus (the area of the triangle below the demand curve and above the price line)?

In a hypothetical country real GDP grew by 4% in a year, while the GDP deflator rose by 10%. By what percentage did nominal GDP increase, calculated exactly?

In a hypothetical bank the nominal interest rate on a one-year deposit is 21%, and inflation that year is a hypothetical 10%. Using the exact form of the Fisher equation, (1 + nominal rate) = (1 + real rate) × (1 + inflation), what is the real interest rate?