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Suppose that the money demand function is:
(M/P)^d = 900 - 60i
where r is the interest rate in percent. The money supply M is 3,000 and the price level P is fixed at 6.
a. Graph the supply and demand for real money balances. Make sure to label all curves and axes.
b. What is the equilibrium interest rate? What happens to the equilibrium interest rate if the supply of money is reduced from 3,000 to 2,400? Show your work.
a. If the central bank wants the interest rate to be 3 percent, what money supply should it set? Show your work.
Suppose there are 300 million able-bodied, working age adults in a society.
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Squeeze Inc. sells orange juice in a market where there are a large number of consumers and sellers. New firms can enter the market easily and also exit whenever they want to. It sells 40 bottles in a month at a price of $4 per bottle and incurs a..
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