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Suppose that permanent income is find outd as the average of income over the past five years; that is Yp=(Y1+Y2+Y3+Y4+Y5)/5. Suppose further that consumption is given by C=0.9YP.
a) If you have earned $20,000 per year for the past 10 years, what is your permanent income? b) Suppose that next year you earn $30,000. What is your new Yp? c) What is your consumption this year and next year? d) What is your short-run MPC? And long-run MPC?
Assume that, from an initial consumer equilibrium position, the price of good X falls-explain how and why the consumer's relative consumption of two goods will change.
The following item appeared in a major daily newspaper: does this observation in fact violate laws of supply and demand.
1. a few years ago canada introduced a new immigration category- called the experience class. the class allows the fast
In a multibank system, an individual bank makes loans only up to the level of its excess reserves, while the whole commercial banking system can lend out money that is a multiple of the original bank's excess reserves. Why is there this difference..
Based on the IIT index, which sector from the table has the highest share of intra-industry trade? Show calculations and explain your answer.
United States has absolute advantage over many countries in production of most goods and services. Yet, the country is running the record trade deficit year after year. The current trade deficit is about six percent of the country's GDP. Is it a ..
Suppose a consumer purchases only two goods %u2013 food and clothing. Her preferences between two goods can be represented by the following utility function \(U(x,y)=x^{\alpha}y^{1-\alpha}\) where 0
For the same loan described under Q3, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months re..
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
consumer when the employee accepts the offer and when he or she does not. determine, using a diagram, how this shift in income will affect current consumption, future consumption and savings. distinguish between borrowers and lenders.
Find the equilibrium level of GDP. Next, find the multipliers for government purchases and for fixed taxes. If full employment comes at Y 5 1,800, what are some policies that would move GDP to that level?
What is the difference between contractionary and expansionary fiscal policies? Which is more appropriate today? Explain your answer. How might contractionary and expansionary fiscal policies affect your organization?
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