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Using the graph of the long run and short run aggregate supply and demand, show how the GDP generated at full employment is the potential output the economy can generate.
In order to better explain this concept, assume that in the short-run, wages and prices are flexible enough to adjust, that at full employment, firms and workers are able to negotiate lower nominal wages, which will shift the short run aggregate supply rightward. Also, keep in mind that the natural rate of GDP and the natural rate of unemployment are defined in the long run and represented by a vertical long run aggregate supply curve.
q1. consider and economy with output equal to the natural level of output. now assume there is an increase in
Which of the following institutional arrangements is most likely to promote growth.
If the price elasticity of demand is equal to 0, then demand is unit elastic. To be binding, a price ceiling must be set above the equilibrium price.
the quantity demanded of Cake is 100 slices and the quantity demanded of cheese bread is 100 pieces.
q. 1. what change in the federal funds rate would you recommend?2. how would your recommended change get
Touchie MacFeelie's production function is 0.1J1/2L3/4 where J is the number of old jokes used and L is the number of hours of cartoonist's labour. He is stuck with 900 old jokes for which he paid $6 each. If the wage rate for cartoonists is $5 per h..
State whether the following will result in a change in demand or a change in quantity demanded. Explain.
According to the Bureau of Economic Analysis, during the recession of 2007-2009 household saving as a fraction of disposable personal income increased from a low of just over 1 percent in the first quarter of 2008 to 5 percent in the second quarter o..
Consider the following facts. After the age of 25, persons with college degrees earn more than persons with no education beyond their high school degrees, ceteris paribus. Moreover, persons with high school degrees earn the same as persons who have h..
Explain the difference between “Short-Run Costs” and “Long-Run Costs.” Please provide an example for a type of business, of your choosing. Please be as specific as possible.
You are considering adding a new food product to your store for resale. You are certain that, in a month, minimum demand for the product will be 5 units, while maximum demand will be 8 units.
A stakeholder is anyone:
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