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Question: Phillips Curve: a) If the equation for a country's Phillips curve is p = 0.03 - 0.25(u - 0.05), where p is the rate of inflation and u is the unemployment rate, what is the short-run inflation rate when unemployment is 4 percent (0.04)?
b) Assume that an economy has the Phillips curve p = p -1 - 0.25(u - 0.05). How many percentage point-years of cyclical unemployment are needed to reduce inflation by 5 percentage points?
c) Describe the difference in assumptions between Adaptive Expectations and Rational Expectation? How does this difference impact the Federal Reserve Bank's ability to reduce inflation?
Find the quantity, price and profits in equilibrium. Calculate the consumer surplus. Are consumers better off or worse off in this situation than in (a)?
An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer.
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As increases in income cause a chain reaction of spending by many business and individuals.
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In 1966 a new fab cost $14 million. By 1995 the price had risen to $1.5 billion. Today, says Intel, the cost of a leading-edge fab exceeds $6 billion. Why would the rising costs of chipmaking machines lead chipmaking companies, such as Intel, to b..
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