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1. Write down the consumption function given the above information.
2. Determine the level of consumer spending and the level of savings, if the national income is $4500. Please remember to show your work.
3. What is the level of consumer spending that the firms are expecting, if the national income is $4500. Please show your work. Hint: Y= C+Ii
4. Is the economy in equilibrium? Why or why not?
5. Solve for the equilibrium level of national income, using the formula Y= C+I.
In the 1992 presidential elections, Ross Perot was speaking of NAFTA, which both of the other candidates (George H.W. Bush and Bill Clinton) supported. He made the statement about NAFTA ‘that giant sucking sound you hear will be your jobs being se..
The oil price shock of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits
Assume you run a pizza store and currently have two workers. If you hire a third worker, your output of pizzas per day rises from 55 to 65.
Consider the following supergame: N firms choose prices simultaneously in each period. The discount factor is per period. Suppose firms try to collude at the monopoly price with the threat of practicing price equal to marginal cost for T periods ..
What are some things that would affect changes in supply? How can quantity demanded be changed and what if the government raised the minimum wage. How would this policy effect your firm?
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
Draw a graph in the income-leisure time space showing a wage increase that leads an individual from one interior solution to another. Identify clearly on your graph the income and substitution effects on hours worked of the wage increase, as well ..
Can be expressed as the ratio of (marginal utility per unit of thegood)/(price per unit of the good) being equalized across all goods. Can be expressed as the ratio of marginal utilities being equatedto the ratio of prices for all possible pairs of ..
Explain the nature of the deadweight losses that occur from a tariff. What is countervailing duty, why is it needed, and how does it work. What is the difference between a specific tariff and an ad valorem tariff.
1. began in France with the development of the steam engine and then spread to the UK and the United States. 2. began in 1550 when the English learned how to use coal to replace wood as a heat source and spread to france and eventually the United S..
What is the effect on the economic well-being of a nation when a tariff is imposed? Consult a newspaper and identify an industry where there currently is a tariff. What is the effect of this tariff on the U.S. economy?
suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater
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