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Michelle spends all her money on food and clothing. When the price of clothing decreases, she buys more clothing.
a. Does the substitution effect cause her to buy more or less clothing? Explain. (If the direction of the effect is ambiguous, say so.)
b. Does the income effect cause her to buy more or less clothing? Explain. (If the direction of the effect is ambiguous, say so.)
What is the dominant Nash Equilibrium Strategy for the repeated prisoner's dilemma game, when both players know that the game will end after one million repetitions?
Compare and contrast their fiscal and monetary policies during a recent economic growth and recessionary periods. How have their policies lead to economic stability?
What is the steady-state level of output per worker? Suppose that the economy is in steady state and that, in period t, the depreciation rate increases permanently from 0.10 to 0.20.
Construct a demand and supply diagram. Use a demand curve that you think reflects the normal short-run price elasticity of demand for gasoline and a supply curve that you think reflects the normal short-run price elasticity of supply of gasoline.
If the current price of the product is $100, what is the quantity supplied and the quantity demanded How would you describe this situation and what would you expect to happen in this market
1 ten years ago a machine cost 800000. now the same machine costs 1200000. calculate the average rate of inflation per
Third National Bank is fully loaned up with reserves of $30,000 and demand deposits equal to $100,000. The reserve ratio is 5%. Households deposit $20,000 in currency into the bank. How much excess reserves does the bank now have.
Calculate the ex-ante and ex-post real rate of interest between June 2008 and June 2009 (note that June 2009 is the last month of the Great recession - the official recovery, began in July of 2009).
Explain the economics of the substitution of ATMs for human tellers. Some banks are beginning to assess transaction fees when customers use human tellers rather than ATMs. What are these banks trying to accomplish?
Import Duty-1000 Excise Duty-1000 Outpout sold- 5000 Price per unit of output- 6 Change in stock-600 Intermediate Cost- 16,000 Subsidy-500
Each of 100 rms in a competitive market has a cost function of c(Q) = 72 + 2Q2, meaning each rm has a marginal cost of MC = 4Q. The market demand curve is QD = 600 5p. a. Solve for the short-run equilibrium price and quantity
a firm is developing a new product. an early introduction beating rivals to market would greatly enhance the companys
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