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Policy Options For The Economy
What are the two policy options used to influence the economy?
In the current economy, we observe the following.Inflation rate 9.20Interest rate 10.60Growth in Real GDP -0.51Unemployment Rate 6.80
a. Determine the monetary policy action and its consequencesb. Determine the fiscal policy actions and its consequences.c. What are the possible negative side effects of your recommendations.
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
Explain the trade-offs between any three of these options. In other words, what will you gain, and what will you have to give up if you choose each of the three options?
Consider a product with a supply function Q 1 = β 0 + β 1 + u 1, a demand function Q d i =y 0 +u i d . Show that P i and u s d are correlated.
Use the following data for a pure monopoly to calculate the firm's-its profit-maximizing output level and produce price;
Consider the Bertrand model with no product differentiated in which each firm has a positive and fixed sunk cost F and zero marginal cost. What are the equilibrium prices and profits? Illustrate your result on a proper diagram.
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
An open economy has the following pattern of income and domestic expenditure: For each of the three years, evaluate the balance of trade facing the economy.
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
Assume that you're a member of the Board of Governors of Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm 2 continued to charge $8?
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