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Suppose that the consumption function is given byC = 270 + 0.63Y - 1,000RRather than by the consumption function in Chapter 8. Add this consumptionFunction to the other four equations of the macro model:Y _= C + I + G + XM = (0.1583 Y- 1,000R)PI = 1,000 - 2,000RX = 525 - 0.1Y - 500R.
Treat the price level as predetermined at 1.0 and let government spending be $1,200 and the money supply be $900.
a. Derive an algebraic expression for the IS curve for this model and plot it to scale.
b. Derive the aggregate demand curve and plot it to scale.
c. Calculate the effect of an increase in government spending on GDP. Is the effect larger or smaller than in the case where consumption does not depend on the interest rate? Describe the process of crowding out in this case.
d. Calculate the effect of an increase in the money supply on GDP. Is the impact larger or smaller than in the case where consumption does not depend on the interest rate? Explain.
Do you agree with Deming that performance evaluations based on comparative rank- ings always reduce company value? Explain.
What issues should the CEO of Nextel consider when deciding whether to adjust Kraft's bonus plan? Do you think the plan should be adjusted? Why?
q1 the harold shipman private healthcare clinic ltd specialises in hip knee and shoulder replacement operations that it
Is the "long run" the same calendar time for all firms? Explain. You want to estimate the cost of materials used to produce a particular product.
1.Why will the short run consumption function be different from the long run consumption function?
Which three general barriers to legally defensible staffing do you feel are most common? What can companies do to remove these barriers?
How is safety stock included in a material requirements plan? What factors can create safety stock requirements in an MRP system? What is meant by the term safety time?
Is demand elastic or inelastic? What will happen to revenue if the company raises its price?
The BJC Company has the following demand function: Calculate the point elasticities for price and income. Is the product a normal or an inferior good?
How does economic theory contribute to managerial decisions and explain the law of demand. Briefly discuss the exception to the law of demand.
Using two different industries as examples, explain how companies can use barriers to entry to discourage or even prevent competitors from entering the market.
To what extent was the debt crisis of the early 1980s caused by inappropriate policies that had been pursued by the debtor countries?
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