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Get college assignment help at uniessay writers Suppose that an analyst for Google claims that the company is making positive economic profit. This must mean that ______. A. Its economic profit is greater than its accounting profit B. Its accounting profit is greater than its cost of equity capital C. Its accounting profit is less than its cost of equity capital D. Its accounting profit equals its economic profit

A case study in this chapter describes how a boyfriend can

A case study in this chapter describes how a boyfriend can signal to a girlfriend that he loves her by giving an appropriate gift. Do you think saying “I love you” can also serve as a signal? Why or why not?

13. (This problem uses some high school algebra and is challenging.)

13. (This problem uses some high school algebra and is challenging.) Suppose that a market is described by the following supply and demand equations: QS = 2P QD = 300 – P a. Solve for the equilibrium price and the equilibrium quantity. b. Suppose that a tax of T is placed on buyers, so the new demand equation is QD = 300 – (P T). Solve for the new equilibrium. What happens to the price received by sellers, the price paid by buyers, and the quantity sold? c. Tax revenue is T Q. Use your answer to part (b) to solve for tax revenue as a function of T. Graph this relationship for T between 0 and 300. d. The deadweight loss of a tax is the area of the triangle between the supply and demand curves. Recalling that the area of a triangle is 1/2 x base x height, solve for deadweight loss as a function of T. Graph this relationship for T between 0 and 300. (Hint: Looking sideways, the base of the deadweight loss triangle is T, and the height is the difference between the quantity sold with the tax and the quantity sold without the tax.) e. The government now levies a tax on this good of $200 per unit. Is this a good policy? Why or why not? Can you propose a better policy?

3. Consider the case of the US- textiles industry — which

3. Consider the case of the US- textiles industry — which is known to be labor-intensive. You know that through trade policy (the imposition of tariffs) you can increase the price of a good. Will workers be in favor of protection? Why? How about the owners of the firms? Why? 4. Which of the following statements are wrong/right and why a. Factor price equalization in different countries implies that the same K/L ratio in an industry across countries. b. Consider the endowment of capital and labor in two countries, A and B. K in A: 100, L in A: 50 ; K in B : 75 L in B 37.5 We know that country A will export the capital-intensive goods. c. We’ve seen very high saving rates in Japan over the last 30 years. Hence, we should see a gradual shift of production into the capital-intensive sectors and out of the labor-intensive sectors. 5. You know that the input requirements of labor and capital for the production of one cookie are respectively 0.05 and 0.1. You also know that the wage is 10 dollars an hour and the return to capital 0.5 dollars an hour. What will be the equilibrium price of the cookie? Motivate your answer.

The demand and supply of wheat in country A are: D=100-2P

The demand and supply of wheat in country A are: D=100-2P S=20 20P and in country B they are: D*=800-200P S*= 400 200P – Calculate the price and quantity of equilibrium in each country when both country A and country B are closed economies. – Calculate the price, the quantity produced by each county, and the traded quantity when both countries are open to free trade and country A imports wheat from country B. – Let us consider that country A applies a tariff of €1 on its imports of wheat. Calculate the price paid for imports in country A (country A is a small country) and the quantity produced, demanded and imported in the same country. Finally, show graphically the change in the welfare of country A when passing from a closed economy to an open economy with a tariff.

How can each of the 10 principles be applied in an

How can each of the 10 principles be applied in an example or expeerience with which you are familiar?

Discuss the optimal method for procuring inputs that have well defined

Discuss the optimal method for procuring inputs that have well defined and measurable quality specifications and require highly specialized investments. What are the advantages and disadvantages of acquiring inputs through this means? Give example not used in the textbook that uses this method of processing.

home work please see the attachment for more detail

home work please see the attachment for more detail

What economic forces have led to the decline of union membership

What economic forces have led to the decline of union membership as a percent of the labor force in the last twenty years? (under 100 words)

Have unions been successful at raising wages for their members? What

Have unions been successful at raising wages for their members? What about raising wages for all workers? (under 100 words)

home work please see the attachment for the following with all

Get college assignment help at uniessay writers home work please see the attachment for the following with all the links as you requested.

For this assignment you will use the money supply data available

For this assignment you will use the money supply data available on the Federal Reserve website (http://www.federalreserve.gov). Although you need to focus on specific sections of the site for this assignment, you are encouraged to browse the website and become familiar with the other information available there. To access the money supply data, follow the links below from the site’s home page: Economic Research and Data > Statistical Releases and Historical Data > Money Stock Measures After reviewing data on the money supply, complete the following assignment: • From this week’s reading assignment, review the section “M1, M2, and M3.” In that section, locate the data that the text provides on the money supply. Update this data based on the Government’s most current data release. • Find the trend in the growth rate of M1 and M2. What accounts for differences in the growth rate of each money supply measure? • Summarize measurement issues in M1 and M2 identified by the Federal Reserve. Your response should be 1-2 pages in length and include the updated data requested, a paragraph on M1 and M2 growth rates, and a paragraph on the measurement issues. Skip to Content Release Date: October 21, 2010 Release dates | Historical data | About | Announcements Current releaseOther formats: Screen reader | ASCII | PDF (43 KB) ________________________________________ H.6 (508) For release at 4:30 p.m. Eastern Time; October 21, 2010 Table 1 Money Stock Measures Billions of dollars Date Seasonally adjusted Not seasonally adjusted M11 M22 M11 M22 Oct 2008 1471.7 8009.8 1460.9 7960.3 Nov 2008 1516.9 8062.5 1512.0 8049.8 Dec 2008 1602.1 8255.3 1626.4 8265.3 Jan 2009 1583.5 8316.7 1575.1 8310.9 Feb 2009 1574.0 8356.7 1546.9 8338.3 Mar 2009 1577.4 8409.9 1590.6 8472.8 Apr 2009 1608.5 8364.3 1624.3 8469.1 May 2009 1608.5 8436.7 1613.9 8447.2 Jun 2009 1646.2 8453.0 1658.1 8458.0 Jul 2009 1649.9 8443.0 1654.9 8423.6 Aug 2009 1648.4 8419.7 1649.3 8398.4 Sep 2009 1660.8 8459.3 1639.9 8403.3 Oct 2009 1676.2 8492.1 1661.9 8434.2 Nov 2009 1687.5 8523.3 1680.8 8506.1 Dec 2009 1696.6 8542.8 1721.8 8548.7 Jan 2010 1680.7 8486.0 1672.0 8475.2 Feb 2010 1714.8 8545.7 1683.3 8519.8 Mar 2010 1713.1 8519.9 1728.3 8582.8 Apr 2010 1701.4 8490.6 1717.4 8606.4 May 2010 1706.0 8573.0 1711.0 8591.7 Jun 2010 1721.5 8604.6 1736.3 8617.5 Jul 2010 1716.4 8603.3 1722.4 8588.7 Aug 2010 1742.8 8649.4 1743.0 8615.8 Sep 2010 p 1765.6 8709.4 1743.4 8654.1 Percent change at seasonally adjusted annual rate M1 M2 3 Months from Jun 2010 TO Sep 2010 10.2 4.9 6 Months from Mar 2010 TO Sep 2010 6.1 4.4 12 Months from Sep 2009 TO Sep 2010 6.3 3.0 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler’s checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler’s checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. p preliminary Components may not add to totals due to rounding Table 2 Money Stock Measures Billions of dollars Period ending Seasonally adjusted Not seasonally adjusted M1 M2 M1 M2 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average Jul 19, 2010 1712.2 1719.1 1704.0 8578.4 8600.3 8606.4 1721.0 1729.8 1696.9 8596.1 8595.8 8586.3 Jul 26, 2010 1714.4 1714.1 1724.5 8588.4 8599.1 8611.3 1722.1 1716.8 1757.0 8597.3 8590.0 8545.6 Aug 2, 2010 1714.2 1716.5 1734.5 8597.0 8610.4 8627.9 1722.8 1727.5 1785.0 8600.1 8584.6 8594.4 Aug 9, 2010 1716.6 1723.7 1731.7 8604.4 8620.6 8636.8 1725.1 1733.3 1694.3 8603.9 8590.5 8635.5 Aug 16, 2010 1719.3 1727.7 1720.2 8608.4 8628.7 8638.8 1727.4 1735.4 1705.1 8605.2 8604.0 8640.5 Aug 23, 2010 1722.5 1732.0 1741.7 8613.4 8638.5 8650.4 1729.8 1734.3 1752.6 8607.5 8614.4 8587.2 Aug 30, 2010 1726.1 1742.2 1775.1 8619.0 8651.8 8681.3 1733.2 1740.6 1810.4 8607.0 8614.1 8593.2 Sep 6, 2010 1730.0 1751.2 1767.6 8624.7 8665.1 8690.0 1735.8 1747.9 1723.6 8608.1 8624.2 8676.0 Sep 13, 2010 1734.6 1759.6 1754.1 8633.7 8679.3 8695.4 1736.5 1743.6 1687.8 8611.9 8636.4 8689.2 Sep 20, 2010 1737.0 1763.1 1755.4 8641.3 8692.7 8703.9 1735.9 1738.2 1731.1 8615.0 8652.2 8650.5 Sep 27, 2010 1739.7 1764.1 1779.3 8650.3 8705.7 8733.3 1735.0 1735.1 1797.9 8618.0 8655.7 8607.0 Oct 4, 2010 p 1744.6 1769.5 1789.2 8663.4 8721.4 8752.8 1738.3 1750.6 1785.4 8623.7 8659.3 8690.6 Oct 11, 2010 p 1750.0 1774.2 1772.9 8675.8 8736.7 8756.7 1741.5 1756.7 1712.2 8631.2 8664.5 8710.0 Percent change at seasonally adjusted annual rate M1 M2 Thirteen weeks ending October 11, 2010 from thirteen weeks ending: Jul 12, 2010 (13 weeks previous) 9.1 5.1 Apr 12, 2010 (26 weeks previous) 5.3 3.7 Oct 12, 2009 (52 weeks previous) 5.7 2.7 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p preliminary Components may not add to totals due to rounding Table 3 Seaonally Adjusted Components of M1 Billions of dollars Date Currency1 Traveler’s checks2 Demand deposits3 Other checkable deposits At commercial banks4 At thrift institutions5 Total May 2009 849.2 5.3 417.6 193.4 143.1 336.5 Jun 2009 852.3 5.2 439.3 208.7 140.6 349.3 Jul 2009 854.2 5.1 436.0 213.4 141.3 354.7 Aug 2009 857.8 5.1 427.2 217.3 141.1 358.4 Sep 2009 861.5 5.1 430.5 220.4 143.3 363.7 Oct 2009 862.7 5.1 432.8 226.1 149.6 375.6 Nov 2009 861.8 5.1 435.5 236.4 148.7 385.1 Dec 2009 862.2 5.1 443.7 234.1 151.4 385.6 Jan 2010 861.2 5.1 438.0 221.6 154.9 376.5 Feb 2010 867.3 5.1 457.9 228.0 156.6 384.5 Mar 2010 871.6 5.0 447.1 235.0 154.3 389.3 Apr 2010 877.3 5.0 451.8 214.2 153.1 367.3 May 2010 881.2 4.9 448.2 216.2 155.5 371.7 Jun 2010 883.1 4.8 459.2 223.0 151.4 374.3 Jul 2010 886.5 4.7 454.2 220.5 150.6 371.1 Aug 2010 892.8 4.7 469.3 224.3 151.7 376.0 Sep 2010 p 899.7 4.7 479.2 228.1 153.8 382.0 Week ending Aug 16, 2010 892.2 4.7 454.3 219.4 149.6 369.0 Aug 23, 2010 893.9 4.7 464.0 227.1 152.0 379.1 Aug 30, 2010 895.5 4.7 486.7 233.6 154.6 388.1 Sep 6, 2010 896.7 4.7 490.4 219.7 156.1 375.8 Sep 13, 2010 897.9 4.7 476.9 219.4 155.1 374.6 Sep 20, 2010 899.9 4.7 469.3 228.3 153.3 381.6 Sep 27, 2010 902.0 4.8 480.6 239.9 152.1 392.0 Oct 4, 2010 p 903.9 4.8 494.7 230.5 155.4 385.9 Oct 11, 2010 p 904.9 4.8 e 481.4 225.1 156.7 381.8 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions 2. Outstanding amount of U.S. dollar-denominated traveler’s checks of nonbank issuers. Traveler’s checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. Table 4 Seaonally Adjusted Components of Non-M1 M2 Billions of dollars Date Savings deposits 1 Small-denomination time deposits 2 Retail money funds 3 Total non-M1 M2 Memorandum: Institutional money funds 4 At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total May 2009 3622.9 815.7 4438.6 1023.6 362.9 1386.5 1003.0 6828.1 2530.5 Jun 2009 3642.6 824.5 4467.1 1005.5 358.3 1363.9 975.9 6806.8 2513.0 Jul 2009 3673.6 834.0 4507.6 983.0 353.5 1336.5 948.9 6793.0 2494.1 Aug 2009 3717.3 830.1 4547.3 964.8 342.3 1307.1 916.8 6771.3 2448.9 Sep 2009 3791.5 842.2 4633.6 939.0 333.0 1271.9 892.9 6798.5 2409.2 Oct 2009 3861.7 854.2 4715.9 906.0 328.3 1234.4 865.7 6815.9 2342.1 Nov 2009 3952.4 835.6 4788.0 880.2 322.1 1202.3 845.6 6835.8 2286.0 Dec 2009 4007.0 841.5 4848.5 854.2 318.7 1172.9 824.7 6846.2 2224.1 Jan 2010 4010.0 846.0 4856.0 829.8 314.5 1144.3 805.0 6805.3 2182.3 Feb 2010 4050.6 860.4 4911.0 816.2 310.9 1127.0 792.8 6830.9 2110.4 Mar 2010 4064.8 870.9 4935.7 799.2 307.1 1106.3 764.8 6806.8 2026.5 Apr 2010 4092.1 865.0 4957.1 784.4 302.4 1086.8 745.3 6789.2 1945.3 May 2010 4168.0 880.2 5048.2 770.4 298.2 1068.6 750.2 6867.0 1896.2 Jun 2010 4187.0 887.3 5074.3 757.6 293.9 1051.6 757.3 6883.1 1865.9 Jul 2010 4209.5 890.5 5100.0 745.4 290.7 1036.1 750.8 6886.9 1869.8 Aug 2010 4253.5 897.7 5151.2 730.7 287.2 1017.9 737.5 6906.6 1883.1 Sep 2010 p 4315.6 904.0 5219.6 710.2 282.7 992.9 731.4 6943.8 1898.8 Week ending Aug 16, 2010 4266.1 892.8 5158.9 732.6 287.6 1020.3 739.4 6918.6 1886.5 Aug 23, 2010 4254.5 902.5 5157.0 729.0 286.7 1015.7 736.0 6908.7 1878.3 Aug 30, 2010 4256.1 905.6 5161.7 724.8 285.7 1010.6 733.9 6906.2 1888.5 Sep 6, 2010 4287.4 894.9 5182.4 719.2 284.9 1004.1 735.9 6922.4 1898.0 Sep 13, 2010 4315.7 891.4 5207.0 714.4 283.7 998.1 736.2 6941.3 1897.3 Sep 20, 2010 4321.1 903.1 5224.2 709.3 282.5 991.8 732.4 6948.4 1895.7 Sep 27, 2010 4320.9 917.2 5238.1 704.5 281.1 985.7 730.2 6954.0 1896.6 Oct 4, 2010 p 4342.8 912.6 5255.3 698.9 280.1 979.0 729.3 6963.6 1916.8 Oct 11, 2010 p 4379.3 906.3 5285.6 694.7 276.4 971.1 727.1 6983.8 1896.7 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. Table 5 Not Seasonally Adjusted Components of M1 Billions of dollars Date Currency1 Traveler’s checks2 Demand deposits3 Other checkable deposits At commercial banks4 At thrift institutions5 Total May 2009 850.9 5.2 419.9 194.7 143.2 337.9 Jun 2009 852.4 5.2 445.0 210.6 144.9 355.4 Jul 2009 854.6 5.2 439.3 210.4 145.4 355.8 Aug 2009 855.5 5.2 430.7 213.4 144.5 358.0 Sep 2009 856.7 5.1 419.0 213.9 145.1 359.0 Oct 2009 859.3 5.1 428.2 221.4 147.9 369.3 Nov 2009 860.8 5.1 438.5 230.4 145.9 376.3 Dec 2009 865.4 5.1 463.6 237.7 150.0 387.7 Jan 2010 860.1 5.1 431.2 227.6 147.9 375.5 Feb 2010 869.4 5.0 434.0 225.0 149.8 374.8 Mar 2010 875.4 5.0 454.7 238.3 155.0 393.3 Apr 2010 879.1 4.9 452.0 224.3 157.1 381.4 May 2010 882.2 4.9 450.6 217.6 155.8 373.3 Jun 2010 883.6 4.8 466.2 225.1 156.7 381.7 Jul 2010 887.0 4.8 458.0 217.7 154.9 372.6 Aug 2010 890.0 4.8 472.6 220.3 155.4 375.7 Sep 2010 p 894.7 4.7 466.8 221.6 155.5 377.1 Week ending Aug 16, 2010 890.3 4.8 447.4 210.2 152.3 362.6 Aug 23, 2010 890.0 4.8 478.5 225.0 154.3 379.3 Aug 30, 2010 889.4 4.8 519.0 238.6 158.7 397.3 Sep 6, 2010 895.0 4.7 453.6 212.9 157.4 370.3 Sep 13, 2010 893.5 4.7 430.2 207.0 152.4 359.4 Sep 20, 2010 893.9 4.7 457.8 220.6 154.0 374.7 Sep 27, 2010 895.2 4.7 502.4 238.9 156.6 395.6 Oct 4, 2010 p 899.4 4.7 495.6 225.4 160.2 385.6 Oct 11, 2010 p 903.8 4.7 e 439.5 209.6 154.6 364.2 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions 2. Outstanding amount of U.S. dollar-denominated traveler’s checks of nonbank issuers. Traveler’s checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. Table 6 Not Seasonally Adjusted Components of Non-M1 M2 Billions of dollars Date Savings deposits1 Small-denomination time deposits 2 Retail money funds3 Total non-M1 M2 Memorandum: Institutional money funds4 At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total May 2009 3637.6 819.0 4456.6 1017.7 360.8 1378.5 998.2 6833.3 2521.6 Jun 2009 3650.9 826.3 4477.2 999.6 356.2 1355.8 966.8 6799.9 2496.3 Jul 2009 3667.5 832.6 4500.1 977.4 351.5 1328.9 939.6 6768.6 2460.3 Aug 2009 3709.4 828.3 4537.6 959.9 340.6 1300.5 910.9 6749.1 2433.0 Sep 2009 3769.0 837.2 4606.2 938.4 332.7 1271.1 886.1 6763.4 2380.7 Oct 2009 3832.4 847.7 4680.1 908.4 329.2 1237.7 854.5 6772.3 2312.1 Nov 2009 3945.6 834.2 4779.8 885.2 323.9 1209.1 836.4 6825.3 2268.6 Dec 2009 3986.0 837.1 4823.1 858.6 320.3 1179.0 824.9 6826.9 2240.6 Jan 2010 3994.9 842.9 4837.8 835.6 316.7 1152.3 813.2 6803.2 2227.3 Feb 2010 4043.8 859.0 4902.8 819.0 311.9 1130.9 802.8 6836.5 2156.1 Mar 2010 4088.9 876.0 4964.9 800.2 307.4 1107.6 782.0 6854.5 2050.8 Apr 2010 4166.3 880.7 5047.0 782.7 301.7 1084.5 757.4 6888.9 1941.5 May 2010 4186.8 884.2 5071.0 766.2 296.6 1062.7 747.0 6880.7 1889.1 Jun 2010 4195.9 889.2 5085.1 753.6 292.4 1045.9 750.2 6881.2 1856.0 Jul 2010 4202.9 889.1 5092.0 741.4 289.2 1030.6 743.7 6866.2 1850.8 Aug 2010 4233.5 893.5 5127.0 727.3 285.8 1013.1 732.7 6872.8 1874.6 Sep 2010 p 4293.9 899.5 5193.4 709.4 282.4 991.8 725.6 6910.7 1875.2 Week ending Aug 16, 2010 4290.4 897.9 5188.3 728.9 286.1 1015.1 732.1 6935.4 1874.8 Aug 23, 2010 4200.9 891.2 5092.1 725.5 285.4 1010.9 731.7 6834.6 1879.8 Aug 30, 2010 4162.1 885.6 5047.7 721.9 284.6 1006.4 728.6 6782.7 1886.6 Sep 6, 2010 4320.8 901.9 5222.8 717.3 284.1 1001.5 728.1 6952.3 1881.4 Sep 13, 2010 4370.6 902.7 5273.3 713.2 283.2 996.4 731.8 7001.5 1888.3 Sep 20, 2010 4302.9 899.3 5202.3 708.7 282.2 990.8 726.3 6919.4 1869.4 Sep 27, 2010 4209.3 893.5 5102.8 704.5 281.1 985.6 720.7 6809.1 1864.3 Oct 4, 2010 p 4305.0 904.6 5209.6 699.4 280.3 979.7 715.8 6905.2 1871.0 Oct 11, 2010 p 4398.5 910.3 5308.8 695.4 276.7 972.1 716.8 6997.8 1869.5 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. Table 7 Other Memorandum Items Billions of dollars, not seasonally adjusted Date Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions IRA and Keogh accounts Foreign commercial banks Foreign official institutions At commercial banks At thrift institutions At money market funds Total May 2009 13.3 5.8 27.9 217.7 119.8 271.3 608.8 Jun 2009 14.1 6.8 27.5 219.8 121.1 265.5 606.4 Jul 2009 14.5 7.4 27.4 221.3 122.0 260.0 603.4 Aug 2009 14.1 8.7 27.6 222.0 122.4 255.0 599.4 Sep 2009 13.8 8.5 27.9 222.7 122.7 249.9 595.3 Oct 2009 13.8 8.0 29.4 223.5 122.8 245.7 592.0 Nov 2009 14.4 8.0 32.2 224.6 122.5 242.2 589.2 Dec 2009 14.9 6.9 35.1 225.6 122.2 238.7 586.5 Jan 2010 14.9 7.6 35.7 226.6 122.3 235.2 584.1 Feb 2010 14.3 7.5 33.8 227.5 123.0 231.7 582.1 Mar 2010 13.6 6.2 32.0 228.4 123.6 228.2 580.2 Apr 2010 13.6 7.0 30.6 229.7 124.4 225.1 e 579.1 e May 2010 14.3 5.8 29.8 231.4 125.4 222.5 e 579.3 e Jun 2010 15.1 6.0 29.0 233.1 126.4 219.9 e 579.4 e Jul 2010 15.5 e 5.9 e 28.6 e 234.6 e 127.1 e 218.5 e 580.2 e Aug 2010 15.5 e 6.2 e 28.6 e 235.9 e 127.5 e 218.5 e 581.8 e Sep 2010 p 15.5 e 6.7 e 28.6 e 237.2 e 127.8 e 218.5 e 583.4 e e estimated p preliminary Components may not add to totals due to rounding. Table 7 Other Memorandum Items (continued) Billions of dollars, not seasonally adjusted Date U.S. government deposits Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions1 Total cash balance Time and savings deposits at commercial banks General account Supplementary financing account May 2009 1.3 51.8 199.9 2.0 255.0 1.7 Jun 2009 2.6 64.5 199.9 2.0 269.0 1.7 Jul 2009 1.3 50.4 199.9 2.0 253.7 1.7 Aug 2009 1.2 39.9 199.9 2.0 243.0 1.8 Sep 2009 2.9 35.0 191.8 1.9 231.6 1.9 Oct 2009 1.6 45.1 74.8 2.0 123.5 1.9 Nov 2009 1.2 52.3 15.0 2.0 70.5 1.9 Dec 2009 1.3 82.7 13.9 2.0 99.8 1.9 Jan 2010 3.2 139.3 5.0 2.0 149.4 1.9 Feb 2010 1.3 57.1 7.9 2.0 68.2 2.0 Mar 2010 1.3 50.0 81.4 2.0 134.7 2.0 Apr 2010 5.3 35.6 182.5 2.0 225.3 2.0 May 2010 1.3 34.9 200.0 2.0 238.1 1.9 Jun 2010 2.9 38.8 200.0 2.0 243.6 1.9 Jul 2010 1.2 32.1 200.0 1.9 235.2 1.8 e Aug 2010 1.1 27.6 200.0 1.9 230.6 1.8 e Sep 2010 p 2.8 47.2 200.0 1.9 252.0 1.8 e Week ending Aug 16, 2010 1.2 27.3 200.0 2.0 230.4 Aug 23, 2010 1.1 25.6 200.0 2.0 228.6 Aug 30, 2010 1.0 8.6 200.0 2.0 211.6 Sep 6, 2010 1.4 36.9 200.0 2.0 240.2 Sep 13, 2010 2.2 7.9 200.0 1.8 211.9 Sep 20, 2010 6.2 72.3 200.0 1.9 280.5 Sep 27, 2010 2.1 64.6 200.0 2.0 268.6 Oct 4, 2010 p 1.2 60.3 200.0 2.0 263.4 Oct 11, 2010 p 1.2 30.6 200.0 2.0 233.7 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. Note: Current and historical H.6 data are available each week on the Federal Reserve Board’s website (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). Skip to Content Release Date: October 21, 2010 Release dates | Historical data | About Current release Other formats: Screen reader | ASCII | PDF (33 KB) ________________________________________ FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time October 21, 2010 MONEY STOCK MEASURES Billions of dollars —————————————————————————————————————————————————- Date M1(1) M2(2) M1(1) M2(2) —————————– ———————————————————— ——————————————————- Seasonally adjusted Not seasonally adjusted —————————– ———————————————————— ——————————————————- 2008-Oct. 1471.7 8009.8 1460.9 7960.3 Nov. 1516.9 8062.5 1512.0 8049.8 Dec. 1602.1 8255.3 1626.4 8265.3 2009-Jan. 1583.5 8316.7 1575.1 8310.9 Feb. 1574.0 8356.7 1546.9 8338.3 Mar. 1577.4 8409.9 1590.6 8472.8 Apr. 1608.5 8364.3 1624.3 8469.1 May 1608.5 8436.7 1613.9 8447.2 June 1646.2 8453.0 1658.1 8458.0 July 1649.9 8443.0 1654.9 8423.6 Aug. 1648.4 8419.7 1649.3 8398.4 Sep. 1660.8 8459.3 1639.9 8403.3 Oct. 1676.2 8492.1 1661.9 8434.2 Nov. 1687.5 8523.3 1680.8 8506.1 Dec. 1696.6 8542.8 1721.8 8548.7 2010-Jan. 1680.7 8486.0 1672.0 8475.2 Feb. 1714.8 8545.7 1683.3 8519.8 Mar. 1713.1 8519.9 1728.3 8582.8 Apr. 1701.4 8490.6 1717.4 8606.4 May 1706.0 8573.0 1711.0 8591.7 June 1721.5 8604.6 1736.3 8617.5 July 1716.4 8603.3 1722.4 8588.7 Aug. 1742.8 8649.4 1743.0 8615.8 Sep. p 1765.6 8709.4 1743.4 8654.1 —————————————————————————————————————————————————- Percent change at seasonally adjusted annual rates M1 M2 —————————————————————————————————————————————————- 3 Months from June 2010 TO Sep. 2010 10.2 4.9 6 Months from Mar. 2010 TO Sep. 2010 6.1 4.4 12 Months from Sep. 2009 TO Sep. 2010 6.3 3.0 —————————————————————————————————————————————————- 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler’s checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler’s checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 2 MONEY STOCK MEASURES Billions of dollars ——————————————————————————————————————————————————– M1 M2 M1 M2 ——————————– ——————————– ——————————– ———————————– Period ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average —————– —————————————————————– ——————————————————————– Seasonally adjusted Not seasonally adjusted —————– —————————————————————– ——————————————————————– 2010-July 19 1712.2 1719.1 1704.0 8578.4 8600.3 8606.4 1721.0 1729.8 1696.9 8596.1 8595.8 8586.3 26 1714.4 1714.1 1724.5 8588.4 8599.1 8611.3 1722.1 1716.8 1757.0 8597.3 8590.0 8545.6 Aug. 2 1714.2 1716.5 1734.5 8597.0 8610.4 8627.9 1722.8 1727.5 1785.0 8600.1 8584.6 8594.4 9 1716.6 1723.7 1731.7 8604.4 8620.6 8636.8 1725.1 1733.3 1694.3 8603.9 8590.5 8635.5 16 1719.3 1727.7 1720.2 8608.4 8628.7 8638.8 1727.4 1735.4 1705.1 8605.2 8604.0 8640.5 23 1722.5 1732.0 1741.7 8613.4 8638.5 8650.4 1729.8 1734.3 1752.6 8607.5 8614.4 8587.2 30 1726.1 1742.2 1775.1 8619.0 8651.8 8681.3 1733.2 1740.6 1810.4 8607.0 8614.1 8593.2 Sep. 6 1730.0 1751.2 1767.6 8624.7 8665.1 8690.0 1735.8 1747.9 1723.6 8608.1 8624.2 8676.0 13 1734.6 1759.6 1754.1 8633.7 8679.3 8695.4 1736.5 1743.6 1687.8 8611.9 8636.4 8689.2 20 1737.0 1763.1 1755.4 8641.3 8692.7 8703.9 1735.9 1738.2 1731.1 8615.0 8652.2 8650.5 27 1739.7 1764.1 1779.3 8650.3 8705.7 8733.3 1735.0 1735.1 1797.9 8618.0 8655.7 8607.0 Oct. 4p 1744.6 1769.5 1789.2 8663.4 8721.4 8752.8 1738.3 1750.6 1785.4 8623.7 8659.3 8690.6 11p 1750.0 1774.2 1772.9 8675.8 8736.7 8756.7 1741.5 1756.7 1712.2 8631.2 8664.5 8710.0 ——————————————————————————————————————————————————– Percent change at seasonally adjusted annual rates M1 M2 ——————————————————————————————————————————————————– Thirteen weeks ending October 11, 2010 from thirteen weeks ending: July 12, 2010 (13 weeks previous) 9.1 5.1 Apr. 12, 2010 (26 weeks previous) 5.3 3.7 Oct. 12, 2009 (52 weeks previous) 5.7 2.7 ——————————————————————————————————————————————————– Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 3 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars —————————————————————————————————————————————— Other checkable deposits —————————————————— At commercial At thrift Date Currency(1) Traveler’s checks(2) Demand deposits(3) banks(4) institutions(5) Total —————————————————————————————————————————————— 2009-May 849.2 5.3 417.6 193.4 143.1 336.5 June 852.3 5.2 439.3 208.7 140.6 349.3 July 854.2 5.1 436.0 213.4 141.3 354.7 Aug. 857.8 5.1 427.2 217.3 141.1 358.4 Sep. 861.5 5.1 430.5 220.4 143.3 363.7 Oct. 862.7 5.1 432.8 226.1 149.6 375.6 Nov. 861.8 5.1 435.5 236.4 148.7 385.1 Dec. 862.2 5.1 443.7 234.1 151.4 385.6 2010-Jan. 861.2 5.1 438.0 221.6 154.9 376.5 Feb. 867.3 5.1 457.9 228.0 156.6 384.5 Mar. 871.6 5.0 447.1 235.0 154.3 389.3 Apr. 877.3 5.0 451.8 214.2 153.1 367.3 May 881.2 4.9 448.2 216.2 155.5 371.7 June 883.1 4.8 459.2 223.0 151.4 374.3 July 886.5 4.7 454.2 220.5 150.6 371.1 Aug. 892.8 4.7 469.3 224.3 151.7 376.0 Sep. p 899.7 4.7 479.2 228.1 153.8 382.0 Week ending: 2010-Aug. 16 892.2 4.7 454.3 219.4 149.6 369.0 23 893.9 4.7 464.0 227.1 152.0 379.1 30 895.5 4.7 486.7 233.6 154.6 388.1 Sep. 6 896.7 4.7 490.4 219.7 156.1 375.8 13 897.9 4.7 476.9 219.4 155.1 374.6 20 899.9 4.7 469.3 228.3 153.3 381.6 27 902.0 4.8 480.6 239.9 152.1 392.0 Oct. 4p 903.9 4.8 494.7 230.5 155.4 385.9 11p 904.9 4.8 e 481.4 225.1 156.7 381.8 —————————————————————————————————————————————— 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler’s checks of nonbank issuers. Traveler’s checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars —————————————————————————————————————————————————- Savings deposits(1) Small-denomination time deposits(2) ————————————— ————————————— Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) non-M1 M2 funds(4) —————————————————————————————————————————————————- 2009-May 3622.9 815.7 4438.6 1023.6 362.9 1386.5 1003.0 6828.1 2530.5 June 3642.6 824.5 4467.1 1005.5 358.3 1363.9 975.9 6806.8 2513.0 July 3673.6 834.0 4507.6 983.0 353.5 1336.5 948.9 6793.0 2494.1 Aug. 3717.3 830.1 4547.3 964.8 342.3 1307.1 916.8 6771.3 2448.9 Sep. 3791.5 842.2 4633.6 939.0 333.0 1271.9 892.9 6798.5 2409.2 Oct. 3861.7 854.2 4715.9 906.0 328.3 1234.4 865.7 6815.9 2342.1 Nov. 3952.4 835.6 4788.0 880.2 322.1 1202.3 845.6 6835.8 2286.0 Dec. 4007.0 841.5 4848.5 854.2 318.7 1172.9 824.7 6846.2 2224.1 2010-Jan. 4010.0 846.0 4856.0 829.8 314.5 1144.3 805.0 6805.3 2182.3 Feb. 4050.6 860.4 4911.0 816.2 310.9 1127.0 792.8 6830.9 2110.4 Mar. 4064.8 870.9 4935.7 799.2 307.1 1106.3 764.8 6806.8 2026.5 Apr. 4092.1 865.0 4957.1 784.4 302.4 1086.8 745.3 6789.2 1945.3 May 4168.0 880.2 5048.2 770.4 298.2 1068.6 750.2 6867.0 1896.2 June 4187.0 887.3 5074.3 757.6 293.9 1051.6 757.3 6883.1 1865.9 July 4209.5 890.5 5100.0 745.4 290.7 1036.1 750.8 6886.9 1869.8 Aug. 4253.5 897.7 5151.2 730.7 287.2 1017.9 737.5 6906.6 1883.1 Sep. p 4315.6 904.0 5219.6 710.2 282.7 992.9 731.4 6943.8 1898.8 Week ending: 2010-Aug. 16 4266.1 892.8 5158.9 732.6 287.6 1020.3 739.4 6918.6 1886.5 23 4254.5 902.5 5157.0 729.0 286.7 1015.7 736.0 6908.7 1878.3 30 4256.1 905.6 5161.7 724.8 285.7 1010.6 733.9 6906.2 1888.5 Sep. 6 4287.4 894.9 5182.4 719.2 284.9 1004.1 735.9 6922.4 1898.0 13 4315.7 891.4 5207.0 714.4 283.7 998.1 736.2 6941.3 1897.3 20 4321.1 903.1 5224.2 709.3 282.5 991.8 732.4 6948.4 1895.7 27 4320.9 917.2 5238.1 704.5 281.1 985.7 730.2 6954.0 1896.6 Oct. 4p 4342.8 912.6 5255.3 698.9 280.1 979.0 729.3 6963.6 1916.8 11p 4379.3 906.3 5285.6 694.7 276.4 971.1 727.1 6983.8 1896.7 —————————————————————————————————————————————————- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 5 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars —————————————————————————————————————————————— Other checkable deposits —————————————————— At commercial At thrift Date Currency(1) Traveler’s checks(2) Demand deposits(3) banks(4) institutions(5) Total —————————————————————————————————————————————— 2009-May 850.9 5.2 419.9 194.7 143.2 337.9 June 852.4 5.2 445.0 210.6 144.9 355.4 July 854.6 5.2 439.3 210.4 145.4 355.8 Aug. 855.5 5.2 430.7 213.4 144.5 358.0 Sep. 856.7 5.1 419.0 213.9 145.1 359.0 Oct. 859.3 5.1 428.2 221.4 147.9 369.3 Nov. 860.8 5.1 438.5 230.4 145.9 376.3 Dec. 865.4 5.1 463.6 237.7 150.0 387.7 2010-Jan. 860.1 5.1 431.2 227.6 147.9 375.5 Feb. 869.4 5.0 434.0 225.0 149.8 374.8 Mar. 875.4 5.0 454.7 238.3 155.0 393.3 Apr. 879.1 4.9 452.0 224.3 157.1 381.4 May 882.2 4.9 450.6 217.6 155.8 373.3 June 883.6 4.8 466.2 225.1 156.7 381.7 July 887.0 4.8 458.0 217.7 154.9 372.6 Aug. 890.0 4.8 472.6 220.3 155.4 375.7 Sep. p 894.7 4.7 466.8 221.6 155.5 377.1 Week ending: 2010-Aug. 16 890.3 4.8 447.4 210.2 152.3 362.6 23 890.0 4.8 478.5 225.0 154.3 379.3 30 889.4 4.8 519.0 238.6 158.7 397.3 Sep. 6 895.0 4.7 453.6 212.9 157.4 370.3 13 893.5 4.7 430.2 207.0 152.4 359.4 20 893.9 4.7 457.8 220.6 154.0 374.7 27 895.2 4.7 502.4 238.9 156.6 395.6 Oct. 4p 899.4 4.7 495.6 225.4 160.2 385.6 11p 903.8 4.7 e 439.5 209.6 154.6 364.2 —————————————————————————————————————————————— 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler’s checks of nonbank issuers. Traveler’s checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 6 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars —————————————————————————————————————————————————- Savings deposits(1) Small-denomination time deposits(2) ————————————— ————————————— Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) non-M1 M2 funds(4) —————————————————————————————————————————————————- 2009-May 3637.6 819.0 4456.6 1017.7 360.8 1378.5 998.2 6833.3 2521.6 June 3650.9 826.3 4477.2 999.6 356.2 1355.8 966.8 6799.9 2496.3 July 3667.5 832.6 4500.1 977.4 351.5 1328.9 939.6 6768.6 2460.3 Aug. 3709.4 828.3 4537.6 959.9 340.6 1300.5 910.9 6749.1 2433.0 Sep. 3769.0 837.2 4606.2 938.4 332.7 1271.1 886.1 6763.4 2380.7 Oct. 3832.4 847.7 4680.1 908.4 329.2 1237.7 854.5 6772.3 2312.1 Nov. 3945.6 834.2 4779.8 885.2 323.9 1209.1 836.4 6825.3 2268.6 Dec. 3986.0 837.1 4823.1 858.6 320.3 1179.0 824.9 6826.9 2240.6 2010-Jan. 3994.9 842.9 4837.8 835.6 316.7 1152.3 813.2 6803.2 2227.3 Feb. 4043.8 859.0 4902.8 819.0 311.9 1130.9 802.8 6836.5 2156.1 Mar. 4088.9 876.0 4964.9 800.2 307.4 1107.6 782.0 6854.5 2050.8 Apr. 4166.3 880.7 5047.0 782.7 301.7 1084.5 757.4 6888.9 1941.5 May 4186.8 884.2 5071.0 766.2 296.6 1062.7 747.0 6880.7 1889.1 June 4195.9 889.2 5085.1 753.6 292.4 1045.9

Question 1,3,and 4 in part II

Question 1,3,and 4 in part II

Which of the following is correct concerning opportunity cost?

Which of the following is correct concerning opportunity cost?

Consider the salaries of professional athletes or famous actors. Is it

Consider the salaries of professional athletes or famous actors. Is it possible that such workers may be underpaid? Analyze how the marginal revenue product of such workers might be estimated.

Susan’s price elasticity of restaurant meals is 2.27. If the price

Susan’s price elasticity of restaurant meals is 2.27. If the price of a restaurant meal falls by 2% then the quantity of restaurant meals Susan demands will: Answer increase by 2.27%. fall by 2.27%. increase by 4.54%. increase by 22.7%.

suppose that the demand for dollars is given by the equation

suppose that the demand for dollars is given by the equation D$ = 2800-200ex and the supply of dollars is given by the equation S$=400-100ex. therefore the equilibrium exchange rate is your answer to part b of problem 1

Online production function is lnQ = 7.73 0.75lnK lnL

Online production function is lnQ = 7.73 0.75lnK lnL a) Convert the production function into its normal form. b) What is the MRTS, if price of labour is $120 and the price of capital is $200?

The production function is Q = 16K0.75 L1.25. Given that the

The production function is Q = 16K0.75 L1.25. Given that the price of capital is EC$32 and the MRTS is K = 2L a) What is the price of labour? (04 marks) b) If the desired output is 8,500 units, how many units of capital and labour will be used?

Kool (producer of hi–tech fans) production function is Q = KL0.5.

Kool (producer of hi–tech fans) production function is Q = KL0.5. The company over the years uses input rates of 80 and 20 for capital and labour respectively. The price of capital is $100 and labour is $25 per fan. a) Is there efficiency in production? Why? (04 marks) b) If $25,000 is allocated to production, what is the maximum output? (06 marks)

The One Stop obtained the following estimate of the firm’s Production

The One Stop obtained the following estimate of the firm’s Production (Leontief production function): Q = F(K, L) = min {10.4K, 11L} (i) How much output is produced when 83 units of labour and 81 units of capital are employed? (04 marks) (ii) How much output is produced when 125 units of labour and 0 unit of capital are employed? (04 marks) b) Prove that MPL/MPK = PL/PK can also be written as MPL/PL = MPK/PK (02 marks)

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