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Use the AS-AD model to describe what would happen to the price level and to the equilibrium level of aggregate output in the short run in the following situations: a. The Fed sells bonds in the open market during a period of low unemployment and no excess industrial capacity. b. The economy is far below capacity and the government lowers taxes c. The economy is at or near full capacity and the government increases spending
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
Interpret the estimated demand function for one-month memberships and calculate the point price elasticity of demand and point income elasticity of demand in Town D at the price charged last year.
What is the expected value and variance of the number of defective chips and what is the probability that they discover exactly 9 defective chips in this test?
Why were the members of OPEC trying to agree to cut production? Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
What would each of the following events do to the terms of trade of the importing country and the exporting country, other things being equal?
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
A manager hires labor and rents capital equipment in a competitive market. The current wage is $6.00 per hour and capital is rented at $12.00 per hour.
If GDP is rising by 3 percent per year how long will it take GDP to double? Given the same conditions how long will it take Per Capita GDP to double if the population grows at 2 percent?
The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?
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