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An economy consists of three workers: Larry, Moe, and curly. Each works ten hours a day and can produce two services: mowing lawns and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars; and Curly can either mow two lawns or wash one car.a. calculate how much of each service is produced under the following circumstances which was label A, B, C, and D.-All three spend all their time mowing lawns. (A)-All three spend all their time washing cars. (B)-All three spend half their time on each activity. (C)-Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. (D)b. Graph the production possibilities frontier for this economy. Using your answers to part (a) identify points A, B, C, and D.c. Explain what the production possibilities frontier has the shape that it does.d. are any of the allocations calculated in part a inefficient? Explain.
What would anything change if unemployment benefits were reduced such that the y-intercept of the MC curve increased four-fold. Show graphically.
Suppose that inflation is 2 percent, the Federal funds rate is 4 percent, and real GDP is 3.00 percent below potential GDP. According to the Taylor rule, in what direction and by how much should the Fed change the real Federal funds rate?
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
Suppose we have a competitive market for a good with domestic demand and supply given by:
Fed Chairman Ben Bernanke finally confess that the Fed has been printing more new currency over last some months to help stimulate the economy and more recently noted economy may not yet be out of woods,
Suppose the externality/public good aspects of weather forecasts and argue for or against such a "privatization" of weather forecasting.
Dilomatic tensions over the war with Iraq also patriotic fervor led the state legislature in South Carolina to initiate a resolution boycotting French products.
Assume the demand and supply for milk are described through the following equations: QD = 600 - 100P; QS = -150 + 150P, where P is price in dollars,
Calculate the equilibrium level of real GDP. Does the government succeed in increasing real GDP and calculate the equilibrium level of real GDP.
Zaneb is a high-school teacher and is well known in her community for her honesty and integrity. She is shopping for a new car and plans to borrow the money to pay for it from her local bank. Does Zaneb create any moral hazard or adverse selection..
Evaluate the assumptions and conclusions of Arrow's Impossibility Theorem and provide an assessment of both the result and its implications for social decision making
In the early 1980s, interest rates on long-term debt were at remarkable levels - above 15% with some even higher. Within a decade, rates had dropped precipitously. I have a couple of questions about that What would the effect of a decline in inte..
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