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Consider the economy described in lecture 3 (a closed economy, the factors of produc- tion are in fixed supply and fully used, prices adjust to balance supply and demand, etc). Consumption is a linear function of disposable income and the marginal propen- sity to consume is 0.8. Finally, the marginal product of labor is 20. Calculate the change in saving in each of the following scenarios:
(a) Government expenditures increase by 60.
(b) Taxes increase by 80.
(c) Total income increases by 60 (i.e., ?Y = 60).
(d) The labor supply increases by 12 (i.e., ?L = 12).
Illustrate what is maximum amount you would pay for offer of $2,000. Suppose offer was $2,000, but delivery was to be in 2 years instead of 1 year. Illustrate what is maximum amount you would be willing to pay.
Every year, billions of dollars' worth of illegal drugs and alcohol are produced within the boundaries of the United States.
Assume that these college payments will be made at the beginning of each school year. The future general inflation rate is estimated to be 4% per year, and the annual inflation-free interest rate is 5%. What is the equal amount, in actual dollars, Je..
Explain the differences in how an open and closed economy is modeled including any policy (monetary and fiscal) implications for these two types of economies. Ins include a fully labeled model showing the impact of increased political instability for..
Consider the following scenario: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding. What is the effect of the flooding in th..
Imagine a person who wants to find a job within two months. Explain why the eventual outcome (finding a job or not finding a job) can be viewed as a random variable. What distribution can be used to characterized this variable? Be as specific as poss..
Illustrate what will be the new equilibrium price, if the government puts a 15 cent per tax on the candy.
As you shop for your favourite clothing, music, and food items try to describe how supply and demand influences the prices of these goods?
The current stock price is $24.59. What is the dividend yield for this stock using this information?
Quoting a live example; elucidate the problems of managing data resources in a traditional file environment and how are they solved by a database management.
Explain why including secondary benefits (such as increased economic activity near a new basketball stadium) as a benefit in cost-benefit
He wishes to select the savings institution that will give him the highest return on his money. What interest rate should he select?
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