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An oil cartel effectively increases the price of oil by 100 percent leading to an adverse supply shock in both Country A and Country B. Both countries were in long-run equlibrium at the same level of output and prices at the time of the shock. The central bank of Country A takes no stabilizing-policy actions. After the short-run impacts of the adverse supply shock become apparent the central bank of Country B increases the money supply to return the economy to full employment.
a) describe the short-run impact of the adverse supply shock on prices and output in each country.
b) compare the long-run impact of the adverse supply shock on prices and output in each country.
A company has two plants with the following marginal cost functions: MC1 = 20 +2Q1, MC2 = 10 +5Q2 Where MC1 is marginal cost in 1st plant,
Explain how each of the following would cause the yield curve to shift if between now and next year:
In economics, demand for a product is considered downward sloping. This implies that quantity demanded rise when price reduce.
Atlantis is a small, isolated island in South Atlantic. The inhabitants increase potatoes and catch fresh fish. The accompanying table shows the maximum yearly output combinations of potatoes and fish that can be produced.
Pick a real-life rm that bundles products in some way. Describe how this pricing function is a form of price discrimination; in other words, why do some consumers effectively "pay more" for a particular product than other consumers do? Why is it a..
Explain how if at all would your answer change if you know that ABC's technology had decreasing returns to scale. Explain.
Identify also describe three trade restrictions. In your opinion, which method of restricting trade is the most efficient.
In the short run, company that seek to maximize their market share will tend to charge lower price for their products than firms that seek to maximize profit.
In 2008, the box industry was perfectly competitive. The lowest point on the long run average cost curve of each of the identical box produces was $4,
Describe the cutthroat competitors reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Economic indicators are economic statistics that tell us how well the economy is doing. The GDP, unemployment value, and inflation vale are the most common macroeconomic indicators.
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