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Explain how an increase in your nominal income and a decrease in your real income might occur simultaneously. Who loses from inflation? Who loses from unemployment? If you had to choose between
(a) full employment with a 6 percent annual rate of inflation and
(b) price stability with an 8 percent unemployment rate, which would you choose? Why?
Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.
Suppose that a consumer has an income of $24and a utility function given by: U = 2*log(x) + log(y). The priceof x is $2 and the price of y is $2. A) Write down the Lagrangean for this consumer's maximization problem.
Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents.
What was the rate of increase for these automobiles between the two time periods?
The best level of output for a monopolist in the short run is 500 units and is MR=MC. At this point Q=500, P= $11 and ATC= $8, so that the monopolist earns a profit of $3/per unit and a total profit of $1,500. Suppose that the AFC of the monopolis..
She wants to mazimize the number of cusotmers served, given a fixed payroll. The following table shows how the toatl number of cusotmer served varies with the number of employees:Number of Employees High School Diploma(served) Bachelor's Degree(ser..
What other macroeconomic change might bring about a currency depreciation coupled with a deterioration of the current account, even if there is no J-curve?
In 1984, Walt Disney brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000 plus a $750,000 bonus for signing on, plus an annual bonus equal to 2 percent of the dollar amoun..
Characterize the steady-state equilibrium, and show that it is globally stable.
You are an economic consultant to a city that just imposed a payroll tax of $1 per hour of work. This payroll tax is paid by workers through a payroll deduction: For each hour of work, the employer deducts $1 and sends the money to the city govern..
What should they do instead if they are unwilling to use a parametric test? (Note: The distance was greater with a lower ceiling, which suggests that interpersonal space is not dependent on just horizontal distance.)
Max Whitley, manager of Whitley Construction, builds new homes in a booming community in the Midwest. Although the sales have slowed down because of a national recession, it now looks as if the recession is about to end. Max wants to be ready with..
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