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Discussion
Classical economists belief that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run. On the contrary, Keynesian economists believe because of price and wage rigidities the economy's equilibrium output in the long run may be less than its potential output. What is price-wage rigidity? Do you agree with Keynes assessment that wage-price rigidity requires government's involvement in the markets? Why? Why not?
In an industry characterized by extensive economies of scale:
If the policy response discussed in this statement is mistimed, it risks becoming pro-cyclical rather than stabilizing.
You’ve been hired as an economic consultant to a price-taking firm that produces shirts. The firm already has a shirt factory, so it is operating in the short run. The price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of..
Suppose a war breaks out in the Middle East, which raised the price of gasoline in the United States. How would this impact the supply and demand for gasoline in the Unites States? Please illustrate using a graph and explain in words.
A sample of 49 observations is taken from a normal population with a standard deviation of 10. The sample mean is 55. Determine the 99% confidence interval for the population mean. (Round your answers to 2 decimal places.)
Define the concept "standard of living". then list the ways in which this possession enhances your standard of living.
A market is made up of two consumers. The first has a demand P1 = 1200 – 3q1 and the other has demand P2 = 1200 – 6q2. There is one firm in the market acting like a monopolist with costs = Q2 + 90,000. Suppose the firm implemented at 2 part tariff wh..
Compare and contrast two of the four groups that contribute to campaigns that we discussed in class.
Outline the advantages and disadvantages of the two different approaches for modelling asset prices and returns.
1. How are economic profits defined? 2. You are working at Bremen Beck's brewery. If marginal costs of producing Becks exceed the marginal benefits, then:
Imagine a market where there is perfect competition between two or more companies, such as a fish market where vendors offer the same products at the same price or online ticket auctions like StubHub. In this market there are four key elements to per..
If factor-intensity reversals were indeed prevalent in the real world, how might this fact be used to explain the Leontief paradox? If this explained the paradox, would it suggest that any given U.S. trading partner stood a better chance of conformin..
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