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Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8 Y . Assume further that planned investment I g and net exports X n are independent of the level of real GDP and constant at Ig=30 and X n = 10. Recall also that, in equilibrium, the real output produced ( Y ) is equal to aggregate expenditures: Y = C + I g + X n . a. Calculate the equilibrium level of income or real GDP for this economy. b. What happens to equilibrium Y if Ig changes to 10? What does this outcome reveal about the size of the multiplier?
Management is often faced with the alternative of continuing to make a product or component internally, or going to an external source and purchasing the product or component. In gathering relevant information for these two alternatives, briefly i..
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Explain and discuss why these industries are examples of perfect competition and a monopoly using the characterstics of these industries. Discuss whether a monopoly can provide any benefit at all to an economy
Will firms in a price-taker market be able to earn profits in the long run? Why or why not? What determines profitability? Discuss.
Calculate the price that the Plaza Movie House will charge for admission to movies in the long run and what will be the number of patrons per day at that price?
Determine which country has absolute advantage in production of tanks and explain why is it this country?
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
Briefly discuss the concept of both positive and negative externalities and give specific examples of each. In your explanations of the two, cover the differences, discuss why property rights are an important variable, and discuss any other releva..
what effects might a decision by these countries to diversify their interrational reserve holdings have on the dollar and what problems might it create for U.S. monetary policy?
The principle of comparative advantage does not provide answers to certain questions. One of those questions is a. Do specialization and trade benefit more than one party to a trade b. Is it absolute advantage or comparative advantage that really mat..
Given production function Q= 100(L^0.5)(K^0.5), where L = labor hours per unit time, K=machine hours per unit time, and Q=output per unit time.
What economic problem is the nation facing and what would be the goals of your Fiscal Policy
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