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The government notices that there is an output gap and decides to increase government spending with a stimulus package of $4 trillion in hopes that it will spur growth and stop unemployment.
1. What is the new level of GDP (as determined by aggregate expenditure)?
2 Calculate the Keynesian Multiplier.
The price level now adjusts to get us to a new short-run equilibrium.
3 What is the new short-run equilibrium (price level and GDP)?
4 What is the new output gap?
5 Assume that the government is done spending (as is other autonomous expenditure items). What must change to get us to long-run equilibrium?
explain how scarcity impacts choice 2.expain the three steps process in economic analysis
#suppose EEPCO is amultiplant monopolist with two plants: Gibe plant and Fincha plant. The operating costs of the two plants are: Gibe plant Tc1=10Q^2 and Fincha plant TC2=20Q^2.
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