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You are responsible for economic policymaking in your country. Your desire is to eliminate inflation, keeping prices absolutely stable at P = 100, no matter what happens to output. Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?
1. A surprise increase in investment spending2. Catastrophic floods that cause a sharp food price increase3. A productivity decline that reduces potential output4. A deep depression in East Asia that causes a sharp decrease in net exports to the United States
Explain and illustrate how each of these events would affect aggregate demand, aggregate supply, and prices, then explain how you would respond with economic policies.
In a closed economy $10,000 is to be spent anually on the maintenance of existing capital stock,while the factor cost of final goods producing during the year=65k $. Producers pay 10k by the way of production. Find GDP at market price.
Consider a market characterized by the following inverse demand and supply functions: PX = 50 - 4QX and PX = 10 + 2QX. Compute the surplus producers receive when a $30 per unit price floor is imposed on the market.
Complete the constraints for a 2-year crop rotation between oats and barley in the homestead paddock and complete the constraint for turnip and millet production in the South Hill paddock
Assuming the company will remain a "going concern" indefinitely and that the interest rate will remain constant at 10 percent, at what constant rate does the owner believe that profits will grow?
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
What is the new profit maximizing output level and how many workers are hired at this level
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
What are your thoughts about minimum wage legislation? What kind of a price-control policy is this? Who gains? Who loses? Are there alternatives to this legislation for achieving the same policy objectives?
Assume that macroeconomic forecasters predict that the economy will be expanding in near future. How might managers employ this information
Manger wants to lower the costs of production, the manager should use an equal number of workers and machines
From the standpoint of a soft drink company, the question What goods and services should be produced is best represented by which of the following decisions:
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
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