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What do economists believe is the relationship between the price level (P) and real output (Y) in the short run and in the long run, and how does this answer differ depending on which time frame is being considered? How are these beliefs reflected visually in the AS-AD model? In particular, why are the SRAS and LRAS curves upward sloping and vertical, respectively?
Examine the factors that determine the price of computers in a free market.
Does it appear as though this firm is pricing its automobiles optimally? Why or why not? What advice would you give this firm with regards to its pricing policy and what would be the effect on the U.S. dollar-euro
Show the effects of a price ceiling and a price floor on a market. As for what happens with valuing is different than equilibrium, a rate Floor is Minimum wage where wage rate is bigger than the rate at equilibrium.
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every unit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optimal p..
For each of the following state whether you would make an aggregate demand or aggregate supply diagram and forecast what shift each condition would cause in the AS or AD curve and why so.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Discuss the difference between the CPI measure of inflation as collected by the Bureau of Labor Statistics and the Billion Price Project (BPP), which is developed by researchers at MIT.
Suppose average movie attendance is 250 million tickets when prices are $7 a ticket and 200 million when prices are $9 a ticket.
How much cloth and food will the economy produce after this increase in its capital supply? F. Describe how the allocation of machine-hours and work-hours between the cloth and food sectors changes. Do those changes confirm with the changes descri..
The difference in prices for each of the following pairs of goods in terms of the laws of supply and demand natural diamonds and zircons human-made diamonds.
Using the marginal approach to maximise profits, find the price that monopolist would charge to maximise its profit. What is the level of profit maximising output?
Assume that every citizen of country X has the utility function of u(x, y) = 5x+4y. Say that x denotes cigarettes and y denotes alcohol. The government of country X receives revenue from alcohol and cigarrete purchases but wants to curb alcohol co..
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