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Diego has a utility ?lnction for gasoline and food that is U(G,F). The price of gasoline and food are pa and pp, respectively. The government taxes the purchase of gasoline by t for every unit of gasoline purchased. Diego would like to achieve a target level of utility a by minimizing total expenditure.
If unemployment is high and spending is sluggish, what type of fiscial policy should be enacted? How would this be enacted via taxes? Via government spending? What is the intended effect of this policy on aggregate demand?
Consider a publisher who earns a profit of $2 per book sold. An advertisement that cost $340,000 would sell 100,000 books directly.
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
Consumer surplus a. added to producer surplus provides a measure of the gain to society from the production and consumption of the good. b. is positive for all but the last unit purchased. c. for a particular unit of consumption is measured by taking..
Business its legal, ethical, and global environment 10th edition chapter 6 QP 2, page.204 what process must the CPSC follow to promulgate the rules? What do you think of the consumer group head's statement? Will that statement alone justify the rulem..
Why as a result of rise in exchange rate, the amount of imports fall but not as much as it does when the supply is perfectly elastic.
Using diagrams and explanations, show the short-run and long-run effects on the foreign exchange value of the country's currency, the country's interest rate
Explain how perfect price discrimination works and how it increases profits for a monopoly as compared to a single-price monopoly. Draw the diagram as part of your answer.
How do you calculate per capita income and capital per worker in the Solow Growth Model?
Assume that the demand for plastic surgery is price inelastic. Are the following statements true or false? Explain your answer for full credit. When the price of plastic surgery increases, the number of operations decreases. The percentage change in ..
Suppose that it is well known that many children work in low-skill jobs in poor country “X.” If rich country “Y” buys goods from poor country “X,” then the increase in demand for their products is large enough to raise the wages of all low-skill work..
Suppose a consumer's preferences can be represented by the utility function: U(X,Y)=X^3/5Y^1/4. Derive the function for the marginal rate of substitution holding utility constant. Derive the demand curves for the two goods, X and Y.
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