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Consider an economy with the following aggregate demand (AD) and aggregate supply (AS) schedules. These schedules reflect the fact that, prior to the period we're examining, decision makers entered into contracts and made choices anticipating that the price level would be P (subscript 105) AD (In Trillions) Price Level SRAS (In Trillions) 5.1 95 3.5 4.9 100 3.8 4.7 105 4.2 4.5 110 45 4.3 115 4.8 a) Indicate the quantity of GDP that will be produced and the price level that will emerge during this period. b) Is this economy in the long-run equilibrium? Why or why not? c)How will the unemployment rate during the current period compare with this economy's natural rate of unemployment? d) What will tend to happen to resource prices in the future? How will this affect the equilibrium rate of output? e)Will the rate of GDP produced during this period be sustainable into the future? Why or why not?
What is price of an additional dollar of local spending in each case. Which of two methods do you think would lead to higher levels of local spending on roads. Explain your answer.
f P falls below AC, what is result for firm? Firm loses money 16. In late-19th century, both firms and markets expanded. How did this impact competition in many markets.
Merk is a biotech division of Bayer Pharmaceuticals. In its eight years of existence, Merk has had only one drug make it into clinical trials.
Elucidate how the market system efficiently performs the functions of communication, cordination, and motivation in the distribution of resources to consumers.
Show the effects of an increase in the total factor productivity, z, on the Laffer curve, on the equilibrium tax rate, and on consumption, leisure, the quantity of labor supplied, and output.
Explain your first instinct is to call the trade representative of your country to lobby against the import quota. Is following through with your first instinct necessarily the best decision.
Elucidate why the dam project is considered a public good and discuss whether government intervention leads to a more efficient use of resources.
The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000. How much output is being produced
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Abstracting from any other factors, what is the range for rates of exchange of modems for DVD drives that will now include Northland
PL is the price of unskilled labor in dollars (the wage rate = $6), PC is the price of capital as a percentage, I is family ncome also PS is the price of California oranges.
Probabilities of A and B performing successfully for 1,500 times are .96 and .92, respectively, and are independent. What is probability that product will operate properly 1,500 or more times.
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