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Compare and contrast the following pairs of terms:
a. aggregate demand; aggregate supply
b. real wages; nominal wages
c. short run; long run
d. expansionary gap; recessionary gap
e. adverse supply shocks; beneficial supply shock
The daily demand for a product is 17 units with a standard deviation of 2.6 units. The review period is 30 days with a lead time of 14 days. Management has a set policy of satisfying 95% of demand from items in stock. At the beginning of the review p..
Concert attendance depends on the weather. There are three possible types of weather on the day of the concert: terrible, with probability 20%, mediocre, with probability 60%, and great, with probability 20%. What is the expected attendance, E(X)? Fi..
Suppose that both wheat and corn have an income elasticity of 0.2. a. If the average income in the economy increases by 2 percent each year, by what percentage does the quantity demanded of wheat increase each year, holding all other factors constant..
Discuss the basic way that the modern banking industry work(namely, fractional reserve banking). What impact can this type of banking system have on the supply of money and possibly on inflstion and prices.
A monopolist faces a demand given by p = 40 – 4y . Its cost function is c ( ) = 2 + 4 y . a) What is the optimal level of output for a monopolist? b) What is a monopolist price? c) What is the total profit (or loss)?
How does an open market purchase by the Fed affect the level of bank reserves and the interest rate? How will GDP be affected? Explain the causal chain. Explain how interest rates and bond prices are related to one another. Why is this important for ..
Consider the perfectly competitive market for burritos. In the short run, a burrito company has a cost curve of STC(Q)=Q^2+4Q+9, the $9 fixed cost is non-sunk. What is the short-run supply curve for an individual burrito company? Suppose there are 40..
Hero Nakamura is CEO of the Cola King Bottling Company a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
The inverse demand function for mangos is defined by the equation p = 91 − 5q, where q is the number of crates that are sold. The inverse supply function is defined by p = 3 + 6q. In the past there was no tax on mangos but now a tax of $44 per crate ..
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits? The price Company X charges for its ink cartridges is nearly as much as it charges for a printer. Packs of 5 ..
Suppose the marginal social benefits curve for crude oil is MSB = 60 – 0.6Q and the marginal total cost curve is MTC = 20 + 1.4Q, Now suppose that the marginal current cost (MCC) of extraction is given by MCC = 20 + 0.4Q. Illustrate the MSB, MTC, and..
Pick one of the characteristics of a perfectly competitive firm and explain in detail why it may not hold up in real-life. Use a specific example to illustrate your answer.
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