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The liquidity trap. Consider the following model. The dynamics of inflation are given by the continuous-time version of λ > 0. The IS curve takes the traditional form, The central bank sets the interest rate according to (6.26), but subject to the constraint that the nominal interest rate cannot be negative: i(t) = max[0,π(t) + For simplicity, normalizefor all t.
(a) Sketch the aggregate demand curve for this model-that is, the set of points in (y,π) space that satisfy the IS equation and the rule above for the interest rate
(b) Letdenote the point on the aggregate demand curve whereSketch the paths of y and π over time if
were chosen at random, and the traffic lights of those intersections were modified. The numbers of minor accidents during a six-month period before and after the modifications were: NUMBER OF ACCIDENTS
Mr. Consumer has an income of $100, and his utility is unaffected by the seasons. In January, he spends his whole income on two goods, Food and Clothing. The price of food is $2 and the price of clothing is $1 in January.
A Graybar motor costs $7000 and has an electrical efficiency of 89%. A Blueball motor costs $6000 and has 85% efficiency. Neither motor would have any salvage value, since the cost to remove it would equal its scrap value.
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolis..
A clever sports economics student asked the Athletic Director at his or her university to dig back into the records for data on attendance and prices at the college's baseball games
Chez Henri is a restaurant chain that operates in 40 different cities. It hired an economist to estimate the factors affecting the demand for its sales. The following equation was estimated using cross sectional data from each of its 40 restaurant..
you are asked to decided between two projects based on annual equivalent worth A B -$10,000 -$12,000 $6,000 $7,000 $5,000 $8,000 $4,000 a) what assumption do you need to make in comparing these mutually exclusive revenue projects
Country Tables sell for $350 and contemporary tables sell for $450. Management has determined that at least 20% of the tables made should be country and at least 30% should be contemporary. How many of each type of table should the company produce
consider the maximization problem u(c,l) subject to pc + wl = wT + Y, where c is consumption, l is leisure time, T is total time endowment, and Y is non-wage income. prove that if leisure is an inferior good then the labor supply function is upwar..
determine the new equilibrium price and quanity reproduce the graph tha u drew for question 4 and label oringinaldemand and supply schedules and labal oringinal equilibium priceand quanity.
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT Top 4 5 1 4 Player A Bottom 5 1 3 8
Seven years ago a vertical drill was purchased for $10,000. Drill had 12 years of expected life and zero estimated value at the end of that period. The current market value of the drill is $1,000. The new drill's total investment cost would be $12..
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