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Keynesian" economists favor active policymaking based on the Phillips Curve and NAIRU theories. These theories purport a possible trade-off between unemployment and inflation and suggest that appropriate policy can be enacted to guide us back to a soft landing when business cycles create havoc within the economy.
Economists who align more with the "Classical" school would have a "leave it alone" (Laissez Faire) attitude and would oppose active policymaking. "Rational Expectations Theory" (a "new classical approach") suggests that people figure out what will happen based on past policy changes, therefore rendering active intervention ineffective.
Please respond to all of the following prompts:
In your opinion, which theory is better? Why?
If your objective was to affect the economy in the short run what actions would you recommend? Why?
Keynes is famous for saying: "In the long run we are all dead". How long is the long run? How long are you willing to wait for inflation to ease or for unemployment to improve?
Do you think economists will ever agree on the issue of active versus passive policymaking?
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Provide specific example of how you used the marginal decision making principle to choose between two alternatives.
The queue length and waiting time for clients including and excluding the service time and the probability that there will be more than 2 customers waiting
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
Cost of capital is 12%. Its expects aftertax cash flows (including the tax shield from depreciation) for the next 5 years are:
The cost for loss of heat from the pipe per meter is $4.8/X1/2 per year. Here, X represents the thickness of insulation in meters, and X is a continuous design variable.
The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions: What is the firm's Total Revenue?
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means and derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Calculate what would be the minimum annual vehicle use in km/year that would justify the choice of a diesel engine car over the petrol version? Does this correspond to your answer to 4) above?
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