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1. "The aggregate demand curve slopes decrease, because when the price level is reduce, people can afford to purchase more, and aggregate demand increase. When prices rise, people can afford to buy less, and aggregate demand falls." Is this a good explanation of the shape of the AD curve? Why or why not?
2. By using aggregate supply and aggregate demand curves to illustrate, describe the effects of the following events on the price level and on equilibrium GDP in the long run, assuming that input prices fully adjust to output prices after some lag:
[a] An increase occurs in the money supply above potential GDP.
[b] A decrease in government spending and in the money supply with GDP above potential GDP occurs.
[c] Starting with the economy at potential GDP, a war in the Middle East pushes up energy prices temporarily. The Fed expands the money supply to accommodate the inflation.
What are the losses to U.S. consumers, gains to U.S. producers, and deadweight loss and what quota level would have the equivalent effect on price as the $6 tariff
Price elasticity of demand and Income elasticity of demand What impacts will have the construction of a new natural gas company on oil demand. And on electricity demand? Justify.
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
How does an increase in the price of widgets affect the: And describe the effects in detail?
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
A perfectly competitive firm encounters the following monthly costs and price. What is the fixed cost of this firm? What is the optimal output of this firm?
Using the firms marginal cost curve, compute the profit-maximization long-run supply curve for typical retailer. Compute the average total cost curve for the typical gasoline retailer, and determine that average total cost are less than price at the..
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
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