1. The question is “Is the economy operating above or below equilibrium at the 4th quarter of 2014? The information I have gathered is that the GDP (chained dollars) at that time was 16,3116 billion chained dollars, and the DPI was 13,3113, which I need to know the % of GDP that is DPI I have also gathered the information that C=11,1149, I=2,6585,G=2,8960, and (x-m) net exports was -4715, which I think gives me an AE of 16,1979, which is below the GDP, so I think the economy is above equilibrium And I get the % of DPI to GDP is 816% Am I correct or not?

2. The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes Each car wash costs $15

Number of car washes per month Total monthly benefit from car washes

0 $0

1 $20

2 $36

3 $48

4 $56

5 $60

What is the marginal benefit of the 2nd car wash each month? What is the optimal number of car washes per month? Why? Draw a graph to justify your responses

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