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Application: Pedalling for Television Time: Applying the Concepts Do people respond to incentives. To illustrate the notion that people are rational respond to incentives consider an experiment conducted by researchers at St. Luke's Roosevelt Hospital in New York City.
The researchers addressed the following question:
If child must pedal a stationary bicycle to run a television set, will he watch less TV? The researchers randomly assigned obese children, ages 8 to 12, to two types of TVs. The first type of TV had a stationary bicycle in front of it, but the TV operated independently of the bicycle: No pedalling was required to operate the TV. In contrast, the second type of TV worked only if the child pedalled a bike facing the TV. The kids in the control group (no pedalling required) watched an average of 21 hours of TV per week, while the kids in the treatment group (pedalling required) watched only 2 hours per week. In other words, kids respond to incentives, watching less TV when the cost of watching is higher.
Explain what would happen to the slope or position of the AD curve in the following circumstances.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
What was the cross-exchange rate between the Real and the Peso in 2001? Real____/Peso. What was cross-exchage rate between Real and Peso in 2002? Real_____/Peso.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
President Obama pushed his massive fiscal stimulus package of $787 through the Congress and later passed by the House and Senate, whose centerpiece was spending most of this stimulus funds
The following is a list of figures for a given year in billions of dollars. Calculate the GDP and NI.
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Give at least three explanations of why economic reasoning would argue that this is to be expected.
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