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In Kessy’s old kitchen, he could bake 10 cookies or mix 15 glasses of lemonade in a day. Now he has a bigger oven and refrigerator. a. First, draw Kessy’s initial PPF assuming constant opportunity cost between cookies and lemonade. Label it PPF1. [For this question, let cookies be illustrated on the horizontal axis.] b. Given PPF1, what is the opportunity cost of producing more cookies? In other words, how much lemonade must Kessy sacrifice to produce, say, one more cookie? c. Next, draw Kessy’s new PPF (label it PPF2) after he receives the new applicances.
Use the IS-LM, AD-AS model to illustrate the short-run and long-run effects of an unexpected decrease in the money supply. [Assume that the economy moves immediately to the new intersection of the IS & LM curves.] Repeat part a assuming that the decr..
What are the five myths about economic recovery? What are the arguments that the private sector will be slow in creating jobs in this recession?
The stock is now selling at $62.50 per share. If the current price holds until the first of the month, and Sam exercises his option, how much will he make this year?
q.define inflation. assume that you live in a simple economy in which only three goods are produced and traded fish
Using the ideas we discuss this week, we are able to make clear statements on when a firm should operate and when it should shut down. When is it sensible for a firm to shutdown? What actions might a firm take to stay in operation in the long run? Do..
in the 1990s five firms supplied amateur color film in the united states kodak fuji konica agfa and 3m. from a
Illustrate what do you think causes changes in each of the expenditure (spending) components of GDP thereby causing changes in our economy's output, employment, and income levels.
How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made l..
Given that the US economy production function (to calculate current GDP and potential GDP) is : GDP = Y= F(K,L,N) = 0.04K+0.03L+0.03N. The current GDP is produced with K=200, L=100, and N=100, the full employment GDP (potential GDP) can be potential..
A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as..
What is the relationship between the multiplier and the marginal propensities? Explain.
If a monopolist produces clear spring water at zero total cost, its total revenue will be maximized where, The price elasticity of the firm's demand curve is equal to one
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