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A liquidity trap is a condition where the money demand curve is perfectly elastic. Using the new Keynesian sticky prices model, show what happens if the monetary authority tries to use monetary expansion when a liquidity trap exists.
A consumer has preferences between two goods, hamburgers (measured by H) and milkshakes (measured by M). His preferences over the two goods are represented by the utility function U = √H + √M. For this utility function MUH = 1/(2√H) and MUM = 1/(2√M)..
How is it that higher tax rate can increase tax revenue in some cases, but a higher tax rate can decrease tax revenue in other cases? Relate this to the price elasticity of demand. (Excise Taxes)
Suppose the logging industry forms a union that requires longer apprenticeships and charges high fees to its members. Discuss the reasons why loggers might place these stipulations on union members. What are the loggers hoping to achieve?
q1. draw an ad-as diagram representing the u.s. economy in a recession. also draw a diagram of the u.s. labor market in
Explain is it possible for the new long-run equilibrium price to be above the original long-run equliibrium price.
Card and Krueger's paper (AER 1994, "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania") uses a difference-in-difference identification strategy to identify the causal effect of a minimum wage increas..
Weekly inverse demand function is P=296-7Q, weekly inverse supply function is P=17+2Q. Find equilibrium price & quantity & solve for consumer & producers surplus. Then tax of $27 per equanimity is collected by supplier, solve for new consumer and sup..
Why do cotton growers spend billions of dollars to dam rivers and transport water hundreds of miles to grow cotton in California deserts?
Describe the problem of adverse selection when health insurance is offered at a community rated premium? Define the term community rated premium as well. Is it possible to address the problem of adverse selection by increasing the premium level? Why?..
What is the capitalized equivalent cost of a dam that will cost $25 million now and will require $2 million in maintenance annually? The effective annual rate is 12%.
What does the change in his con- sumption reflect a substitution or an income effect.
A diminishing marginal rate of substitution implies that indifference curves are
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