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Suppose that the relative supply of domestic products decreases while the relative demand does not change.
a. What will happen to the real exchange rate? Explain using a figure.
b. What will happen to the demand of real money balances in the domestic economy? Explain using a proper equation.
c. What will happen to the average domestic price level? Explain using a proper equation. (Assume that there is no change in money supply.)
d. What will happen to the nominal exchange rate? Explain using a proper equation.
When price p is above a price taking firm’s SAC, the price taking firm profits may be negative but it will choose to continue producing as long as variable cost are covered. When price p is above a price taking firm’s SAVC, but below its SAC, the pri..
If you set the inverse demand function equal to the inverse supply function you can solve for the equilibrium quantity. (Qd=Qs).
After a spike last week as Hurricane Irene threatened East Coast oil refineries, Atlanta gas prices have started falling, according to a website that tracks how much we pay to fill up our tanks. What caused prices to rise and then to fall? Are there ..
Remember: The elasticity of a product, whether in the supply or demand sector, is determined by how sensitive the product is to a change in price.
Can trade and exchange occur within the firm without the existence of private property rights? If individual property rights are necessary for economic success, how might the firm allow property rights? What are the “boundaries” of a firm? What deter..
Discuss how the two cases in this chapter illustrate the major theme of this text: changes in the macro environment affect individual firms and industries.
How would each of the following affect the Canadian market supply curve for corn?
Discuss the importance of opinion leaders in marketing and how they can influence the success of a product or service. Identify two opinion leaders and explain and justify your choices.
Import bans import quotas voluntary export restraints and tires on Goods all I increase equilibrium quantity and price decreases equilibrium quantity and price see increases equilibrium quantity but decreases price or decreases equilibrium quantities..
Discuss the new equilibrium price also quantity which result from these changes. Can you exhibit some of these changes graphically.
In the special case of 100-percent-reserve banking, the reserve ratio is 1, the money multiplier is 2, and banks create money. In the special case of 100-percent-reserve banking, the reserve ratio is 1, the money multiplier is 1, and banks do not cre..
Explain how much business CPI does abroad, the firm would expose 5 to 20 percent of revenue to currency fluctuations.
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