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Assume the following demand and supply functions:
Demand: Q = 600 - .1P
Supply: Q = -150 + .5P
(a) Calculate equilibrium price and quantify
(b) Now assume that a seller declares 20% sale on the market equilibrium price. What will happen?
(c) If a seller decides to charge 20% more price than the market equilibrium price, what will happen?
Suppose that a rent control law is causing excess demand in a market. If the law is removed, then we expect the market rent to [fall/rise] and the quantity of apartments rented to [fall/rise]
The intuitive criterion by Cho and Kreps is a refinement to minimise the set of perfect Bayesian equilibrium in signalling games. What would a simple and intuitive example to explain this criterion be?
Elements of fiscal policy that move the budget toward surplus as the economy expands and toward deficit as it contracts are called ________.
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Using the IS-LM model derive graphically derive the aggregate demand function. Fully explain each step of your derivations.
Gina has the choice of two bonds, one that pays 5 percent interest and the other that pays 10 percent interest. Which of the following is most likely?
Farmer Brown has 2 distinct farms that he works on. His wheat farm has a production function Y=6.7K0.4L0.6, and his soybean farm has a production function Y=0.2K0.5L0.5. Farmer Brown has the option of buying either more labor or more capital for each..
Compare also contrasts the continuous current account deficits of the U.S. with the continuous current account surpluses of Japan.
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