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Macroeconomic concepts for national income
Congratulations. You've been appointed economic adviser to Happyland. Your research assistant says the country's mpe is .8 and autonomous expenditures (probably federal government spending) have just risen by $20.
1. What will be the actual dollar change in income and does it rise or fall?2. Your research assistant comes in and says he's sorry but the mpe wasn't .8; it was .5. How does your answer change (in $ amounts)?3. He runs in again and says exports have fallen by $10 and investment has risen by $10. How does your answer change (in $ amounts)?4. Will the increase in autonomous expenditures be more likely to eventually lead to higher inflation or higher unemployment?5. How could it possibly lower either inflation or unemployment?
Estimate the relationship among inflation and unemployment.
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
Auger busy in a promotional campaign costing $60 million this year, its annual after-tax cash flow over the next five years will be.
Draw a set of indifference curves for Jones, and second set for Smith, with alcoholic drinks on vertical axis and non-alcoholic on the horizontal axis.
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
Elucidate the excess of cost over the marginal price at the profit maximizing price-quantity combination?
Suppose the domestic appliances industry faces severe foreign competition, and asks you to prepare a position paper its lobbyist.
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
Budweiser, Miller and Coors who together produce 80% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
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