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Suppose that the government decreases spending by $100 billion. What happens to aggregate demand? What is the likely effect on prices and output? Where are the new equilibrium price level and GDP relative to the old levels?
In this discussion, you will explain the role of the business cycle in government and private sector decisions. Data on GDP and economic growth are considered lagging indicators because they report information on what is already known. How reliable a..
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
As an inflationary gap is eliminated through an economy's self-correcting adjustments process,
A practice would like to allocate their resources optimally between the orthopedic and rheumatology departments. The revenues per case generated by orthopedics and by rheumatology are $2,000 and $1,000, respectively.
(a) Solve the following problem graphically:
Set up a table oe spreadsheet for output (Q) price (P) total revenue(TR),marginal revenue (MR) total cost (TC marginal cost (MC) average cost (AC) profit (P). Establish a range for Q from 0 to 1000 in increments of 100 (i.e, 0, 100, 200....1000). Wha..
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2 . The turnover cost per labor is (0.36)/(w/p). What happens to t as real wage i..
If he needs 80 percent of his income to maintain his standard of living upon retirement, how much annual income will he need from his employer's plan and from his own planning when he retires?
Capital, K, has a price of $16 perunit and labor, L, has a price of $8 per-unit. In the short-run capital is fixed at 8 units. Find the choice for labor necessary to produce 40 units of output at minimum cost.
Compare economic performance in an oligopolistic market with that in a purely competitive one. Is oligoploy the best market structure for rapid technological development? Why or why not?
Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
Use an appropriate economic theory to explain why Kobe Bryant might employ someone to answer his fan mail even if he can read the letters and type the responses more quickly than the person he employs?
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