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Suppose that an economy has the Phillips curve p = p-1 - 0.5(u - un),and that the natural rate of unemployment is given by an average of the past two years' unemployment:un = 0.5(u-1 + u-2).
1) Why might might the natural rate of unemployment depend on recent unemployment (as is assumed in the preceding equation)?
2) Suppose that the Fed follows a policy to permanently reduce the inflation rate by 1 percentage point. What effect will that policy have one the unemployment rate over time?
3) What is the sacrifice ratio in this economy? Explain.
] A perfectly competitive firm faces a market price of $10 for its output X. It own two plants, A and B whose total costs are TC sub A = 10 + 2X + (.25X)2, TC sub B = 15 + .4X + (.1X)2, How many units should each plant produce to maximize profit at t..
Describe the effect of this change in units on the estimated regression coefficients and their standard errors, t and F-statistics, p-values, and the value of R 2 .
What happened to the marginal product of labor between 1960 and 2007 calculate the marginal product numerically as the extra output gained by adding 1 million workers in each of the two years.
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to $2..
The diesel-powered generator with a cost of $60,000 is expected to have a useful operating life of 50,000 hours. The expected salvage value of the generator is $8,000. In its first year, the generator was operated for 5,000 hours.
Gold Trackers watching the value of precious metals and has daily information on prices and sales of gold for the last many years.
f(L,K) = ln(L+1) + ln(K+1) (1) Does this function has any corner solutions? If so, what are the values (2) For what values of (w,r,y), is there an interior solution for cost minimization (3) Find all possible interior solution for (L*,K*)
Calculate the predicted probabilities and verify that all the ?tted values are between 0 and 1. What is the smallest value you observe? And the largest?
1995 200 2000 302 1996 215 2001 320 1997 237 2002 345 1998 260 2003 360 1999 278 2004 382 Calculate a trend line, and forecast sales foe 2005. How confident are you of this forecast
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
It can be shown that the marginal return to schooling investments is MW(s) = k0 = ps. What condition governs the optimal choice of education, s*? If r= 5% and ifk 0 = 5.25, what is the optimal schooling level? Suppose that the wage-schooling sc..
In the second quarter of 2006, household income was $13,134 billion, consumption was $9,162 billion, investment was $3,340 billion, and net exports were -$777 billion. What was the level of government spending in the second quarter of 2006
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