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Question: In the Keynesian consumption function: the estimated marginal propensity to consume is , and the average propensity to consume is Using data on annual income and consumption (both of which were measured in £ sterling) from 200 UK households we found the following regression equation:
(a) Provide an interpretation of the constant in this equation and discuss its sign and magnitude.
(b) Calculate the predicted consumption of a hypothetical household with an annual income of £40,000.
(c) With on the x-axis, draw a graph of the estimated Marginal Propensity to Consumption (MPC) and Autonomous Consumption Path (ACP).
Suppose the demand for a product is given by P = 60 - 2Q. The supply is given by P = 10 + 3Q. If a $10 per unit excise tax is levied on the buyers of a good, what will be the deadweight loss created by this tax.
1. los angeles retail market for widgets is fiercely price competitive. the typical retailer has the following total
write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea village of a
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airway international inc. is a commercial passenger airline. airway includes on its tickets a clause that states the
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assume your research staff used regression analysis to estimate the industry demand curve for product x.qx 10000 - 100
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
What is an externality and Provide at least three examples. How does one of the examples you provided affect the market outcome?
Assume that a firm is operatingin a purely competitive market and that its input-output relationship is of thefollowing form:
Current and expected government policies and regulations, including taxes and regulations in place to address issues related to externalities
Assume your model from Q1 above refers to the housing market in Sydney, Australia, where the median house price recently topped $1 million. Briefly discuss one demand side factor and one supply side factor
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