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What effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram in your notes to determine the expected effects on the equilibrium price level (P) and level of real output (Q). For each of the economic structures described in a-j, give the effects on P and Q. (ie + or -). (Assume that all other things remain constant.) a. A widespread fear of depression on the part of consumers. b. A $2 increase in the excise tax on a pack of cigarettes. c. A reduction in interest rates at each price level. d. A major increase in Federal spending for health care. e. The expectation of rapid inflation. f. The complete disintegration of OPEC, causing oil prices to fall by one-half. g. A 10 percent reduction in personal income tax rates. h. A sizable increase in labor productivity (with no change in nominal wages). i. A 12 percent increase in nominal wages (with no change in productivity). j. Depreciation in the international value of the dollar.
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
What are some of the costs associated with anticipated inflation? Why do these differ from those associated with unanticipated inflation?
Use a .01 level of significance to test if there is a difference in the mean production of the three assembly lines. Develop a 99% confidence interval for the difference in the means between Line B and Line C.
Price discrimination allows firms to make more money by partitioning their customers into at least two distinct groups, those that:
A drug patent gives a pharmaceutical firm a monopoly. Draw and label the supply and demand curves for a drug. Then demonstrate how having a monopoly changes that equilibrium. How does this impact consumer surplus? What actions can the government take..
In the United States, the majority of individuals who have private health insurance
How did Veblen relate the biological evolutionary (Darwinian) principles of variation, inheritance and selection, and Instincts to the cultural and institutional development of different societies and the social evolution of institutions?
q1. if the impact of the u.s. imposed on japan voluntary export restraint of passenger cars to the u.s. from 2000000
King crabs in the Bering Sea are a common resource. The following diagram shows the demand curve (the MB of consumption) and the supply curve (the MC of production) in the market for the king crab. draw the social cost curve associated with over harv..
q.suppose that the us government determines that cigarette smoking creates social cost not reflected in the current
Suppose Jasmine is invited to the following dice gamble: a fair die with 6 sides showing a different number from 1 to 6 will be cast. The number on the top side of the die will be the prize money to the player. She needs to pay $4 to enter the gamble..
illustrate what is the profit maximizing quantity that should be offered to Group B
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