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Quantity of aggregate output
Suppose that in Wageland all workers sign annual wage contracts each year on January 1. No matter what happens to prices of final goods and services during the year, all workers earn the wage specified in their annual contract. This year, prices of final goods and services fall unexpectedly after the contracts are signed. Answer the following questions using a diagram and assume that the economy starts at potential output.
a. In the short run, how will the quantity of aggregate output supplied respond to the fall in prices?
b. What will happen when firms and workers renegotiate their wages?
According to the Solow growth model, a country that increases its rate of capital investment can overcome diminishing marginal returns to capital and achieve sustained high growth over time.
Explain what would happen to the slope or position of the AD curve in the following circumstances.
What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase?
Explain why is it wiser for the government to put a sales tax on a good that is demand inelastic than on one that is demand elastic.
Explain why both marginal and average costs are believed to eventually increase in the short run.
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
Describe the benefits and drawbacks of dynamic pricing for this particular company.
the size of the governments debt and the size of the budget deficit indicate potential problems for the economy.
A hearing is scheduled for your company to present arguments that your firm has not increased its market power through the merger. Can you do this and how. What evidence might you bring to the hearing?
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
Imagine the opera has a capacity of 3000 seats and that all costs are fixed. If they can discriminate between the two groups, what is optimal price to charge to each group and how many tickets will each group buy?
The demand curve faced by a industry in a monopolistically competitive industry which is more elastic than the perfectly competitive firm's demand curve.
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