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Assume the economy is in short-run equilibrium and there is less than full-employment output. Also assume that the marginal propensity to consume (MPC) is equal to 0.8.
a. What is the value of the government spending multiplier in this case?
b. Given the size of the multiplier, what would be the implied change in income (gross domestic product) from the stimulus spending of $500 billion?
Your firm faces considerable revenue uncertainty because you have to negotiate contracts with several customers. Use Excel to set up a decision tree for your profit forecast (it does not matter whether costs or revenues come first). How many possible..
Why is the cost of health care so high in the U.S. and the U.S. does not have the best system. If a person has co-pay health insurance what does he/she base his/her purchase decision on, the real price or what actually comes from his/her pocket? Does..
Explain the economics of the taxi medallion system. This is discussed in the text and in numerous places on the web. Why did cities start the medallion system? Do you think it is a good idea? Explain the economics of the ride-sharing firms such as Ub..
Suppose Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, the market for four-wheel-drive tractors consisted of five firms. Based only on this information, is the Justice Department likely to..
Pretend you are a trade economist providing advice to the government of a newly emerging African country. Present (neutrally) both the case for and against a trade policy based on import substitution. You may use specific international (real-world..
Assume that the market for wheat is perfect competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2, which results in marginal cost of M C = 1 + 2Q..
What was the absolute amount of increase in real income? - Make your calculations of the percentage change in real income and the absolute change in real income using the approximation formula and using the more precise method with index numbers.
Excise tax is collected from fishermen, who protest that y alone are bearing burden of this policy. Why might this protest be misguided.
In January 2001, $1 was equal to 1.06 euro. By January 2012, $1 was worth 0.76 euro. As a result of the change in the value of the dollar:
What are the similarities and differences between horizontal and vertical equity?
Suppose there is an early freeze in California that reduces the size of the lemon crop. Elucidate what happens to consumer surplus in the market for lemons.
Do these public goods conform to the law of demand. For which public supplies is demand price elastic.
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