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Compute the new national income given MPC = 0.9, and an autonomous injection of $100B from federal government stimulus spending.
Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor What are the new equilibrium wage rate and employment level What happens to economic rent
Aggregate demand curve is negatively sloped in part because of the impact of interest rates and the economy is in short-run equilibrium.
If the indurtry can pay only one of the six salary levels shown, which should it choose? How many workers will it employ?
Let MUa=z=10-x and MUb=z=21-2y, where z is marginal utility per dollar measured in units. x is the amount spent in product A. y is the amount spent on product B. Assume that the consumer that the consumer has $10 to spend on A and B, that is x+y=10. ..
These specials comprises of a significant price reduction on selected menu items purchased before some pre-determined time
A contry's currency will depreciate if its inflation rate is less than that of its trading partners.
If trade barriers are "second-best" policies with costs to consumers that are significantly greater than their benefits to producers, why are trade barriers enacted? Explain.
Calculate the price elasticity of demand for paint and Illustrate the calculations.
This exercise provides an example of a pair of random variables X and Y for which the conditional mean of Y given X depends on X but corr(X, Y) = 0. Let X and Z be two independently distributed standard normal random variables, and let Y = X2 + Z.
Suppose the academy agrees explain how many athletes are required to eliminate the deficit.
What are the equilibrium quantity and price? How much consumer surplus exists in this market? If a $2 excise tax is levied on this good, what will happen to the equiilibruim price and quantity? What will the consumer surplus be after the tax?
A purely competitive firm's output is such that its marginal cost is $4 and marginal revenue is $5. Hint: remember that MR = P for Pure Competition and the Profit Maximizing rule. Assuming profit maximization, the firm should
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