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The city of Cabernet is very popular for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows:
where Qd is the demanded quantity in bottles of wine and p is the price in euros per bottle. The producers' aggregate supply is:
whereQs is the supplied quantity in bottles of wine. The city makes only one quality of wine. a) Search the equilibrium price and quantity.
b) Compute the consumer and producer surplus, as well as the total welfare in the city of Cabernet.
Assume a floating exchange rate system. The Fed pursues an expansionary monetary policy. Draw how this would look on the graphs below. Mark the new equilibriums. Complete the table
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Structural Unemployment The decline of the highly localized industry due to international trade causes great problems of regional (structural) unemployment. If it would take
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what are the criticisms of it
The demand curve Suppose that starting from a condition of equilibrium, the price of X falls relative to Y. We now have a condition where the utility from the last shilling s
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