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The behavioral functions are given as follows. C = 20 + 0.8(Y − T); I = 14; G = 20; T = 10; IM = 0.5Y; X = 0.1Y*; Y* = 100where Y is domestic income; Y* is foreign income; C is consumption; T is tax; I is investment; G is government spending; IM is import; X is export.
(A) Calculate the equilibrium level of output in closed economy.
(B) Calculate the equilibrium level of output in open economy case. Is this economy runningtrade deficit or surplus?
(C) Calculate the multiplier for closed economy case & for open economy case. Explain why the multipliers are different in two cases (I need an intuitive explanation).
Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?
A major contributing factor in the start of the slave trade in the New World was?
Show why the firm should not be charged a per-unit tax on the firms output to compensate for the pollution it discharged into a major river. Devise a game plan for responding to the questions that will be raised in the joint session of the subcomm..
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
Assume a perfectly competitive firm is currently producing 5,000 units of output and is earning $15,000 in total revenue. The marginal cost of the 5,000th unit of output is $3. The corresponding average total cost is $3.50 and total fixed costs equal..
What do we know about the proportion of peanut butter to jam held by Bob in any equilibrium? If Adam held all of the peanut butter in the initial endowment, is it possible that he end up with nothing in the equilibrium?
An 83-year-old woman is placed at a small table in a dark corner of a trendy nightclub also is ignored by the staff.
Why is income from capital gains taxed differently than wage income? There are perhaps historical, practical, and theoretical reasons. What are they?
This problem explores the issue of truthfulness in the Stable Matching Problem and specifically in the Gale-Shapley algorithm. The basic question is: can a man or a woman end up better off by lying about his or her preferences? More concretely, suppo..
General Electric paid its line workers $10 per hour last year when the Consumer Price Index was 100. Suppose over the past year that deflation occurred and the aggregate price level fell to 80.
Arrival rate of customers and processing times of customers each have a coefficient of variation = 1.0. On average, how many customers are standing lines.
Assume the market for a commodity is described by the demand and supply functions. Determine the equilibrium price and quantity in this market. Draw a graph to illustrate your answer and compute the consumer surplus and the producer surplus.
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