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a. Use equations (3) and (4) to forecast both the price level and the level of output that result from the simple AS - AD model of Section 21-2. You may assume that the slope of the aggregate supply curve is 2⁄3; that the values of the money supply, velocity, and potential GDP are 9, 8, and 7, respectively; and that the expected price level is 5.
b. Evaluate your forecast in light of the Lucas critique.
c. How does this forecast differ from that which would result from a perfect-foresight model?
d. Is this forecast better or worse? Explain.
Suppose the town keeps track of the contributions and issues passwords to people who contributed at least $20. Would you expect the total contributions to cover the $20,000 cost? 30.
Calculate the profit-maximizing point: MR - MC = 0. Explain your answer and calculate the revenue-maximizing level of output.
Jon Breeks quit his job in a bicycle shop, where he earned $15,000 per year, to become a graduate student in economics. At the university he attended, he spent $2,000 on books, $1,000 on cough medicine, and earned $12,000 as an economics instructo..
Etisalat and Du are duopolists. If they form a cartel between themselves, then what will happen to price and output in the market. Discuss your answer with a relevant diagram.
compute the amounts supplied by domestic and foreign suppliers.
Assume you are an analyst assessing national costs of mercury abatement. Your staff has estimated the marginal social costs to be MSC = 0.8Q and the marginal abatement cost across polluters to be MPC = 0.65Q, where Q is measured in percent abateme..
A market study found that the served by Online Tutors can be divided into two types of students: students needing help with math, who are primarily interested in math tutoring but may be interested in some science tutoring.
Prove that the steady-state equilibrium is unique and globally (saddle-path) stable. What is the impact of a higher rate of technological progress?
Now find every year where the growth in disposable income per person is negative. Does the index of consumer sentiment rise or fall in that quarter?
Develop a plot of your regression model and the results, as predicted by the semidetached mode, using basic COCOMO (constructive cost model). Can you develop a CER using basic COCOMO?
The annual percentage salary increases for the chief executive officers of all midsize corporations are normally distributed with mean 12.2% and standard deviation 3.6%. A random sample of 81 of these chief executive officers was taken.
According to an executive of a baseball team, If my assumptions are correct, our team is willing to pay a maximum of $3 million for a pitcher in the free-agent market. (Related to Application 3 on page 625.)
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