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Advance Analysis Assume that the consumption schedule for a private open economy is such that consumption C=50+0.8 Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig=30 and X=10 . Recall also that, in equilibrium the real output produced (Y) is equal to aggregate expenditures: Y=C+Ig+Xn A. Calculate the equilibrium level of income or real GDP for this economy.
Consider the following data set on the price and quantity of various commodities for 2008 and 2013. Calculate the GDP deflator. What are the values for the Laspeyres and Paasche indices? Is any of the price indices clearly better?
Suppose that the economy is thought to be 2% above potential (that is, the output gap is 2%) when potential output grows 4% per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2% over the past year.
In a Good job, a qualified worker produces 100 units and an unqualified worker produces 0. There is enough demand for workers for each type of job; companies must pay what they expect the appointee to produce.
Describe the fundamental difference between short-run analysis and long-run analysis of the cost structure of a firm and give at least two examples of industries that practice price discrimination, and describe their pricing practices.
When architects design structures, they must also bear in mind also the costs associated with each design. Suppose the cost functions for building highrise apartments is tied not only to the height H but also the basic material used brick, concret..
An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 19
Suppose that Boeing is the Stackelberg leader and chooses its quantity first, then Airbus makes a move observing what Boeing has done. Solve the equilibrium in this sequential game. Be sure to characterize the quantity choices
At any bundle (x,y), find a formula for the marginal utility of x (which we have called MUx) and a formula for the marginal utility of y(MUy) Frieda, a rational consumer can buy an x-commodity and a y-commodity. Her preferences over alternative
when he purchased his home, al silva borrowed $280,000 at 10% interest to be repaid in 25 equal end-of-year payments. After making 10 payments, Al found he could refinance the balance due on his loan at 9% interest for the remaining 15 years.
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale
Suppose the individual demand for a product is given by QD = 1000 - 5p. Marginal revenues is MR = 200 - 0.4Q, and marginal cost is constant at $20 there are no fixed cost. A. The firm is considering a quantity discount. The first 400 units can be ..
The attendance at baseball games at a certain stadium is normally distributed, with a mean of 44,000 and a standard deviation of 2500. For any given game a) What is the probability that attendance is greater than 46,000
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