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The Fed on Autopilot. Some economists believe that the Federal Reserve should follow strict rules for the conduct of monetary policy. These rules would require the Fed to make adjustments to interest rates based on information that is fully available to the public, information such as the current unemployment rate and the current inflation rate. Essentially, they would put the Fed on autopilot and remove its discretion. What are the pros and cons of such an approach? Would it work in a financial crisis? (Related to Application 2 on page 356.)
Suppose the production function is Q = 1.52L.6K.4, and K = 100. a. What is the equation for the average product of labor If L=50, what is the value of the average product of labor
A monopolist sets price at $10 and sells 100 units. The corresponding marginal revenue is $5 and the marginal cost is $3. What recommendation regarding price and quantity would you give this monopolist
Calculate the change in the level of real GDP demanded for each of the following values of MPC. Then calculate the change if the government, instead of reducing its purchases, increased autonomous net taxes by $10 billion
MUA is the marginal utility of agriculture consumption and MUM is the marginal utility of manufacturing consumption. Use the condition that MUA/MUM = PA/PM, together with the fact that the total value of country's consumption must equal the total ..
How did the recent turmoil in financial markets likely affect the performance of the overall economy, especially the behavior of the inflation rate and real GDP
Suppose that market demand is given by Q = 10 - 0.01P in which Q is the quanity of a good given in million units, and P is the price of the good given in $ per unit. In the long-run, a typical producer faces average cost AC = 9 + 2Q and marginal c..
A doctor earns $250,000 per year, while aprofessor earns $40,000. They play tennis against eachother each Saturday morning, each giving up a morning ofrelaxing, reading the paper, and playing with their children.
Determine net income for the period if beginning stockholders' equity is $19,000, dividends declared amount to $7,000, ending stockholders' equity is $37,000 and the corporation issued $1,000 of common stock.
Suppose you wish to fit a periodic function, with a known period T. Describe how you could modify the truncated power series basis to achieve this goal.
Suppose the inverse demand for a product is Q = ?P 1/2 + 10. Write the expression for the demand curve, i.e., P = f(Q). What kind of expression is this?
Let MUa=Z=10-x and MUb=Z=21=2y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B- that is, x=y=10. How is the..
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is 1.5 and the advertising elasticity of demand is +0.6,
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