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(Advanced Analysis) Assume that the consumption schedule for a private open economy is such that consumption is as follows: C = 80 + 0.9 Y Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at: Ig = 50 Xn = 10 Recall also that, in equilibrium, the real output produced (Y) is equal to aggregate expenditures: Y = C + Ig + Xn. a. What is the equilibrium level of income or real GDP for this economy? $ b. What happens to equilibrium Y if Ig changes to 30 ? Y = $ What does this outcome reveal about the size of the multiplier? The multiplier =
The production function is Y = A ´ Ka ´ L1-a. If a = 0.3, and over the past year total factor productivity (TFP) grew 2.3 percent, capital grew 2 percent, and labor grew 3 percent, what was the growth rate of output?
If agricultural price subsidies have the effect of lowering resource costs for farmers, use a supply and demand graph to show the effects on the market for food. Illustrate what are the implications for American public health.
On a graph, consumer surplus is represented by the area...
q1. 1. given that in 1995 real gdp was 6742.1 and nominal gdp was 7265.4 what is the value of the gdp deflator?2. for
Compute the deadweight loss if the U.S. imposes a tariff of 25 cents per bottle of imported wine.
Fixed costs exist only in:
Prisoner's dilemma is a game that has been and continues to be studied by people from a variety of disciplines, from biology to sociology to public policy. Prisoner's dilemma is believed to be one of the most powerful metaphors in all of human behavi..
Assume also that the price of cigarettes, the income of consumers, and the price of alcohol.
Suppose the Japanese yen price of one British pound is 163.78 yen for each pound. In which city hotel room is cheaper and by how much.
For a monopolist that engages in price discrimination when the price elasticity in market 1 is less (in absolute value) than in market 2, the optimal price in market 1 will exceed the optimal price in market 2. Joint products are_____
If I spent all my money ($450,000) on a new house I could buy a house with 4500 square feet. I settle for a 1500 square foot house. (Each square foot costs the same.) The day after I close the deal a nearby nuclear power plant is condemned and the va..
Identify and summarize the dynamics involved in both kinds of market failure presented. How are these different economic breakdowns similar and different? Using your knowledge from all of the textbook chapters, what are the best ways to solve these e..
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