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Life has become yet more complicated. Government spending works with a distributed lag. Now when $1 billion is spent today, GDP increases by $1 billion this period and $1.5 billion next period.
a. What happens to the path of GDP if government spending rises enough this period to put GDP back to its potential level this period?
b. Suppose fiscal policy actions are taken to put GDP at its potential level this period. What fiscal policy will be needed to put GDP on target next period?
c. Explain why the government has to be so active in keeping GDP on target in this case.
a) In this economy, compute private saving, public saving, and national saving b) Find the equilibrium interest rate. c) Now suppose that G rises to 1,250. Compute private saving, public saving, and national saving.
where P is the price in dollars per litre, Qd is the quanity demanded in millions of litres per year, and Qs is the quanity supplied in millions of litres per year. what is the price elasticity of demand atthe equilibrium point
Assume that biomass production generates net power per unit area of 0.5 W/m2 and that your consumption of energy is 240 kWh/day. How many square meters of land would it require to provide your annual energy consumption Use the economics underly..
the calculator below shows the labor market for research assistancts in the fictional country of Academia. The equilibrium wage is $10.00 per hour, and the equilibrium number of research assistants is 250
During the current year, sales total $2,000,000, income is $84,700 per capita, advertising is $500,000, and competitor advertising is $300,000. Previous period levels were $77,000 (income), $400,000 (advertising), and $400,000 (competitor advertis..
Due to economies of scale in the industry, entry by new firms is not profitable. Toyota has asked your company and your only rival to simultaneously submit a price quote for supplying 100,000 front and rear windshields for its new Highlander.
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. Labor costs $5 per unit and capital $20 per unit. At these input levels, another unit of labor adds 5 units of output, while another unit of capital adds 4..
A retirement income of $500,000 a year does not have as much buying power in the future as it does today. Suppose this retirement income is 40 years in the future and the inflation is 2% each year.
The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: Price (P)...Quantity (Q) 50........... 100 35.......... 180 20............300 10............500
Chuck, Michael and Hakeem are three retired basketball players. They determine that in Madison there is demand for private basketball coaching. The demand and supply curves for private basketball coaching are Qd = 50
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.Qd = 424 - 40P Qs = 40 + 8P What is the equilibrium price and quantity for the industry?
A country produces manufactured goods, whose industry is characterized by increasing returns to scale, monopolistic competition, and firms that differentiate their products. Firms are symmetric all firms have identical costs functions and demand f..
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