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3) Suppose the real side of an economy is characterized by: Y = 80K1/2 L1/2 K=100 and L= 100 G = 3000 T = 3000 I = 2000 - 6000r C = 600 + .6(Y-T) And suppose the nominal side of this economy is characterized by: Real money demand: (M/P)d= 0.2Y - 1000r Nominal money supply: M = 3000 Where P is aggregate price level, and M is nominal stock of money. a) Compute the following: Real GDP (Y), real interest rate (r ), real wage rate (W/P, in units of goods), aggregate price level (P), and a nominal wage rate (W, in terms of money). b) Suppose that the government raises the money supply 10% from 3000 to 3300. Report the new values for each of the variables in part (a) above. Does the Classical Dichotomy hold in this economy? Explain.
Considers a consumer who suddenly changes her preferences with regard to air travel,
A company manufactures radios. If x is the number of radios that retailers are likely to purchase. Elucidate the revenue function of the manufacturing company.
Illustrate what is true about the prices they are able to charge and their revenue if they try to practice second degree price discrimination as the Bills did.
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Illustrate what is the average time in the system. Illustrate what is the probability there are more than three cars in the system.
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Why does the assumption of independence of risks matter in the examples of insurance.
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Illustrate the price that consumers are willing and able to pay for this output is $40 per unit. Produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit.
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