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Use an aggregate demand (AD) and aggregate supply (AS) model (short run model) to analyze this problem. Do not use a different model. Use AD & AS.
A. Represent an initial equilibrium price and output level with the economy operating at or near full capacity (Hint: think about the shape of the AS curve and what this means for where AD crosses along the AS curve).
Label the following: each axis, the AD curve, the AS curve, the equilibrium output level and the equilibrium price level.
B. Suppose there is a tax cut, holding constant government purchases and all other factors affecting the AD curve. Illustrate the short run effects on output and the price level and LABEL them.
C. Give a 2 -4 sentence explanation and include why the initial state of the economy matters in your explanation.
Suppose the government regulates the prices of beef and chicken and sets them below their market clearing levels. Explain why shortages of these goods will develop and what factors will determine the sizes of the shortages. What will happen to the pr..
Country B Apples=36 Bananas=15 1. Calculate the pretrade relative price of Apples in terms of Bananas. Relative price of Bananas 2. Which country has a compartive advantage in Apples ANd in Bananas
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
Where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.00. a. Suppose P = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand?
A rope of negligible mass is stretched horizontally between two supports that are 3.44 m apart. When an object of weight 3160 N is hung at the center of the rope, the rope is observed to sag by 35.0 cm. What is the tension in the rope?
The cost of transporting goods and the price of obtaining information has decreased substantially over the past 100 years.
Assume that every citizen of country X has the utility function of u(x, y) = 5x+4y. Say that x denotes cigarettes and y denotes alcohol. The government of country X receives revenue from alcohol and cigarrete purchases but wants to curb alcohol co..
ethanol is a motor fuel manufactured from corn, barley, or wheat, and it can be used to power the engines of many autos and trucks. suppose that the government decided to probide a large per-unit subsidy to ethanol producers.
1. nbspfor each of the following transactions identify whether or not it would be included in gdpnbspa. an accountant
gillettes shareholders chairman and ceo james kilts indicated despite several new product launches gillettes
Some states have had laws restricting the sale of most goods on Sunday.oppose such laws because they find Sunday afternoon a convenient time to shop.
Characterize this as an example of a positive or a negative externality and the efficient level of a negative externality is always a positive amount.
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