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In the aggregate demand model in equilibrium, GDP (Y) = C + I + X (open economy).
Where C = consumption schedule = 100 + .75Y (consumption is a function of income).
Where I = planned investment = 20 and X = net exports = 40. Both are independent of GDP (Y).
Use the information provided above to complete the following:
Calculate the equilibrium level of income or real GDP for this economy.
What happens to equilibrium Y if Ig changes to 15? What does this outcome reveal about the size of the multiplier?
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As we know about the own-price elasticity for good x.
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Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price quotes from several firms selling an identical product.
After the firm's patent expires, predict the new market output and price. Assume that competing suppliers have the same economic costs as the original producer. Calculate the resulting change in consumer surplus.
Does it mean that the economy is starting to gather momentum for a faster growth rate? Explain. Hint: What obstacles remain for the economy to start growing at a faster rate?
You are given the following information about the personal computer (PC) industry: Find the NRP and the ERP. Show all calculations and formulas.
Sometimes it is convenient to think about the consumer's problem in its "dual" form. This alternative approach asks how a person could achieve a given target level of utility at minimal cost. Develop a graphical argument to show that this approach ..
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Marginal productivity can be divided into three ranges: Increasing marginal productivity; Diminishing marginal productivity; and Negative marginal productivity.
Why might the Homo sapiens production possibilities curve have shifted outward to the right much more rapidly than those of Neanderthals? Why might failure to specialize explain why Neanderthal groups in difference areas did not trade? (Remember t..
Suppose15 percent increase in the price of airlines causes a 10 percent decline in the quantity demanded then what is the elasticity of demand for airlines.
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