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1. Explain the composition of aggregate demand. Explain under what circumstances the aggregate demand curve might shift
(a) to the right
(b) to the left.
2. Distinguish between short-run and long-run aggregate supply and discuss the import-ance of this distinction for macroeconomic policy.
The short-run aggregate supply curve (SRAS) can be written as follows: Y = Yf b (p - pe), where Y = real GDP, Yf = full-employment real GDP, p = price level, pe = expected price level, and b is a positive coefficient. The SRAS can be re-written as..
Calculate the price elasticity of demand at each of these quantities using the formula that includes the slope of the demand curve: Q=1; Q=2; Q=3; Q=4, Q=5. Is the elasticity constant as we vary Q
A common policy is to make pension contributions tax deductible and to insist that the pension fund be annuitized on retirement. Explain the logic behind this policy.
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a packet of cigarettes currently costs $8 and the government wants to reduce smoking by 20%, by how much should it increase the price
The Coolidge Corporation is the only producer of a particular type of laser. The demand curve for its product is: Q = 8,300 -2.1P and it total cost function is TC = 2,200 + 480Q +20Q^2
Consider the previous exercise with the situation before migration, and suppose that the government requires the rich residents to contribute 3/4 of the cost of local public good provision where they live and the poor residents to contribute 1/4 o..
With no government involvement in college education, how many students enroll and what is the tuition? Calculate the deadweight loss created.
Sara has $12 to spend on popcorn and cola. Popcorn is $3 a bag, and cola is $3 a can. Figure 1 illustrates Sara's preferences. Use Figure 1 to work Problems.
Compute the price elasticity of demand for pies at the firm's mean price: ($7.50) and mean weekly sales quantity (20,000 pies). Next, compute the cross-price elasticity of demand. Comment on these estimates.
A bank in a medium sized midwestern city, Firm X, currently charges $1 per transaction at its ATM's. To determine whether to raise price, the bank managers experimented with a number of higher prices(in 25-cen increments)
S&B Manufacturing Inc., a manufacturer of packaging products is attempting to select a short run strategy which maximizes the long run value of expected future profits. Their long run value will depend upon their competitor's response. The control..
Based on long years of experience, an instructor in the principles of economics has determined that in her class the probability distribution of X, the number of students absent on Mondays, is as follows: X: 0 1 2 3 4 5 6 7F(x)0.005 0.025 0.310 0.3..
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