1.Say that the average worker in Canada has productivity of $21 per hour while the average worker in Australia has productivity of $33 per hour (both measured in U.S. dollars). If worker productivity, over the next 7 years, grows 3% per year in Canada and 3% in Australia. At the end of the 5 years, how much more productive are Australians workers relative to Canadians, in percentage terms. (Do not include the % sign, round your answer to include 2 decimal places).

2.If a country has a per capita GDP of $7,200 and it grows at a 3% annual rate. How long will it take, in years, to triple the standard of living in the country as measured by economists? (Round your answer to include 2 decimal places.)

3.Italy has a GDP per capita of 33,000 Euros. The exchange rate is 0.86 Euros per U.S. dollar. Calculate the GDP per capita of Italy in U.S. dollars. (Round your answer to include 2 decimal places.)

4.Economists in Champaign have been studying the local market for Truly. They've found that the demand for Truly can be described by the following equation: P= 40 - 0.15Q.

What is the price elasticity of demand(using the Midpoint method) when moving from a quantity of 100 to 130? ( input your answer in absolute value, and round it to include 2 decimal places.)

5.Economists in Champaign have been studying the local market for Truly. They've found that the demand for Truly can be described by the following equation: P= 40 - 0.15Q.

What is the price elasticity of demand(using the Midpoint method) when moving from a quantity of 20 to 30? ( input your answer in absolute value, and round it to include 2 decimal places.)

6.In the market for lattes, researchers have estimated the following demand and supply curves.

Demand: P= 42 - 0.5Q

Supply: P= 0.06Q

What is the equilibrium quantity in this market? (round your answer to include 2 decimal places.)

7.In the market for lattes, researchers have estimated the following demand and supply curves.

Demand: P= 42 - 0.5Q

Supply: P= 0.06Q

If the government, worried about the profitability of the coffee business, imposes a price floor in the market of $5. What is the size of the market surplus?(round your answer to include 2 decimal places)

8.In the market for gas, researchers have estimated the following demand and supply curves.

Demand: P= 17 - Q/100

Supply: P= (3Q)/500

If the government imposes an excise tax of $0.80 per gallon. What is the quantity of gas sold in the market after the tax? (round your answer to include 2 decimal places.)

9.In the market for gas, researchers have estimated the following demand and supply curves.

Demand: P= 17 - Q/100

Supply: P= (3Q)/500

If the government imposes an excise tax of $0.80 per gallon. What is tax revenue out of this tax? (round your answer to include 2 decimal places.)