Suppose that the long-run aggregate supply curve

Assignment Help Business Economics

Reference no: EM131162958

Suppose that the long-run aggregate supply curve is positioned at a real GDP level of $18 trillion in baseyear dollars, and the long-run equilibrium price level (in index number form) is 115. What is the fullemployment level of nominal GDP? (See page 231.)

Reference no: EM131162958

Questions Cloud

If marginal product is greater than average product : If marginal product is greater than average product, average product is falling. Marginal cost is less than average variable cost when average variable cost is falling. If the average total cost curve is above the marginal cost curve, then total cost..

Price discrimination assignment : Price Discrimination Assignment A movie theatre has a cost function which entails the rent of the commercial building of $50 per day (fixed cost) and a marginal cost of $5 per viewer. Determine the optimal ticket prices for students and for others. D..

According to kohlberg theory of moral development : According to Kohlberg’s theory of moral development, when do humans begin to think about the feelings of other people and begin to see the world through other people’s eyes?

Consumers in market have identical demand for product : All 500 consumers in a market have identical demand for a product that is described by individual demand curves P=40-2q. A monopolist produces the product and has a cost function of TC(Q)=10000+8Q. What is the monopolist's maximum profit if it uses a..

Suppose that the long-run aggregate supply curve : Suppose that the long-run aggregate supply curve is positioned at a real GDP level of $18 trillion in baseyear dollars, and the long-run equilibrium price level (in index number form) is 115. What is the fullemployment level of nominal GDP?

Position of nation aggregate demand curve : Assume that the position of a nation’s aggregate demand curve has not changed, but the long-run equilibrium price level has declined. Other things being equal, which of the following factors might account for this event?

Taxes paid by households and spending by same large amount : Use the AD/AS model to diagram the following events, showing what will happen in the short run and in the long run. Unless otherwise instructed, assume that each economy starts from full employment. Starting from full employment, what will happen to ..

Describe situation where the presence of multicollinearity : Describe a situation where the presence of multicollinearity would not necessarily be a bad thing. Explain your rationale. Describe a situation where multicollinearity would definitely be a bad thing and recommend remedial measures for the situation ..

Profit-maximization in perfectly competitive firm : Which of the following is a condition for profit-maximization in a perfectly competitive firm? A perfectly competitive firm should shut down in the short run whenever, at the best possible output _____. A technology advance in a perfectly competitive..

User Account

All Pages