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Use the Baumol-Tobin model to find money demand under the following assumptions. Income is $5000 per month (which can be broken down into 2500 in real income and a price level of 2) paid at the beginning of each month in the form of interest-earning bonds. Bonds earn an interest rate of 3.2% Each time you sell bonds a brokerage cost of $5.00 is incurred. a. Find optimal money demand b .How often are bonds sold and how much are sold each time? c. Assume that all have the same money demand, as above. Suppose the Fed reduces the money supply to $500 per person. Find the new equilibrium interest rate.
In the 2004 presidential campaign, John Kerry suggested that our goal in fighting terrorism was to return to a situation in which "terrorists are not the focus of our lives, but they're a nuisance." Which side better captures the economic principle t..
Assume that wages for data entry clerks are lower in India than in the United States. Does this mean that data entry jobs in the United States will be outsourced to India? Explain.
The accompanying table shows a boat manufacturer’s total cost of producing boats. Quantity of Boats Total Cost 0 $ 450,000 1 $ 490,000 2 $ 510,000 3 $ 520,000 4 $ 540,000 5 $ 570,000 6 $ 610,000 7 $ 670,000 8 $ 750,000 9 $ 870,000 2. For each level o..
Remote airplanes. specialized market for hobbyists, we'll just have to assume that there are enough buyers and sellers such that the demand and supply curves are smooth, straight lines. Calculate consumer surplus for this market before any tax is app..
Riley deposits $4,000 cash in her checkable deposit at Fershur Bank. If the desired reserve ratio is 5%, Fershur Bank’s
Robert was running low on cash and could not buy his Marketing textbook by the first day of class if the bookstore did not accept his credit card. Luckily, the bookstore accepted his VISA card, so the bookstore created __________ utility for Robert.
The economy is made up of C and I and is currently at full employment. If consumption is $5 trillion while savings is $1 trillion, what is current investment according to the Classical economists? Suppose consumption falls by $500 billion what will h..
Explain customer-perceived value. Explain total customer satisfaction. What valuable functions can brands perform for a firm?
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H)=420-80H and MC(H)=100+240H. What ..
Illustrate what is the purpose of macroeconomic models. Explain how a model of ice cream production can be used to explicate 50-fold income differences across countries.
An important law in economics is the “Law of Diminishing Marginal Utility”. Discuss what this law is and provide an example of diminishing marginal utility you’ve encountered recently.
I think the blaming China is just another move by the administration to take the country in the wrong direction, possibly with tariffs or restrictions on imports for countries such as China.
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