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Assume that firms each face a total cost function of TC = 10 + 5Q to produce artificial Christmas trees. Note that this total cost function indicates that there is a constant marginal cost (MC) of $5 per tree produced (i.e., MC = $5). Suppose that American Tree, one domestic producer, convinces Congress that because its production methods are the safest in the industry, it should be allowed to be the only supplier of artificial trees to American consumers. Congress agrees and awards American Tree the only license in the country to produce and sell artificial trees. Suppose the market demand and marginal revenue (MR) for artificial trees is given by:
P = 100 - Q (Inverse demand curve)MR = 100 - 2Q (Marginal revenue curve)
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Identify at least four policies from the textbook that the government has created to impact economic growth and productivity.
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
I am a manager in a governmental agency. I have no control over compensation policy. All workers are paid the same salary.
In the economy of Cape Despair, subsistence real wage rate is $15 an hour. Whenever real GDP per hour increase above $15 the population grows,
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Illustrate what is the impact of shifts of the aggregate demand curve on potential output.
Suppose Harrod-Damar model with fixed capital-output ratio. Suppose that the country saves 20 percent of its income and has a capital or output ratio of 4.
The following equations describe an economy, compute the simpler government spending multiplier in our open economy that applied under constant interest rate and equilibrium levels of output and interest rate
Assume that capital and labor both exhibit diminishing marginal returns, so that capital can be substituted for labor in the production process (and vice versa), but capital and labor are not perfect substitutes. How would such a tax affect the rel..
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