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Suppose the economy is at full employment but inflation is viewed as too high. Consider the following two scenarios:
(a) The central bank has great credibility. The central bank announces a policy of disinflation, and the public believes the announcement. Inflationary expectations fall immediately.
(b) The central bank has no credibility. The central bank announces a policy of disinflation but the public is skeptical that the bank will actually follow through with it. The public's inflationary expectations fall only if they see actual inflation coming down. Discuss the likely unemployment consequences of reducing inflation in each of these two scenarios. In which case will the sacrifice ratio (the unemployment cost of reducing inflation) be higher? Explain why.
Night Timers is a small company manufacturing glow-in-the-dark products. One of the hottest items the engineering department has developed is adhesive tape that can be applied to walls and floors. Night Timers chief engineer anticipates that the p..
Between 1984 and 2001, the U.S. government made it much easier to get disability payments and the number of disabled people more than doubled from 3.8 million to 7.7 million. Once on disability, citizens then count as "out of the labor force."
Because WalMart has never systematically raised prices, there is no evidence that WalMart is engaged in:
Your firm spent $100 million developing a new drug. It has now been approved for sale, and each pill costs $1 to manufacture. Your market research suggests that the price elasticity of demand in the general public is What price do you charge the p..
Ross Machine Company in Smithville, Tennessee is considering buying a "CNC Machining Center" for its machining department. The cost of the machine is $60,000. A down payment of $20,000 is required by the machine tool builder
Over the last one year the Four Winds Novelty Corporation has recorded its internet sales and its monthly total variable costs for a particular novelty item as demonstrate in the following table.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). Repeat part (b) for the case in which px..
Suppose Joe, Louie, and Rebecca compete in the Bertrand ready-mix concrete market described in Section 19.2. Show that in any Nash equilibrium, all sales must occur at a price of $40 (equal to marginal cost). Extend your argument to show that this..
How many engines will be sold at the swap meet?
a private-garage owner has identified two distinct market segments short-term parkers and all-day parkers with
Jim Duggan made an investment of $10,000 in a saving account 10 years ago. This account paid interest of 5½% for the first 4 years and 6½% interest for the remaining 6 years. The interest charges were compounded quarterly.
a firm hires four workers and rents 10 capital units for a operationg period. it produces 12000 units. if it had
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