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Consider an economy that begins with output equal to its natural level. Suppose the government enacts a decrease in income taxes (e.g. the 2001 Bush tax cuts).
Explain the meaning of the natural level of output.
Use the AD-AS and IS-LM models to show the short-run and medium-run effects of the policy change on the AD, AS, IS, and LM curves. Be sure to show the feedback to the LM curve from the changes in the price level.
Summarize the effects on output, interest rates, and the price level in both the short run and the medium run.
What is the impact on consumption and investment in the medium run?
What happens to the profits of boat makers in short run. Illustrate what happens to the number of boat makers in the long run.
Draw a graph that shows a market with inelastic demand and elastic supply at equilibrium. Then, on your graph, draw what happens when the government subsidizes buyers. Note the price received by sellers and price paid by buyers. Who receives most of ..
In California, a welfare recipient can earn $225 without having benefits reduced. Beyond $225, benefits are reduced $.50 for every dollar of earnings. Consider Elizabeth, a resident of California, who can earn $10 per hour. If she does not work at al..
Illustrate what is the present equivalent of the overhaul expenses at time 0. Illustrate what is the yrly equivalent expense during only yrs 5-13.
Sales and profits for a new product are uncertain. The predicted sales may be as high as 10,000 units per year with a probability of 10%. The most likely value is 7,000 units per year. The pessimistic value is estimated to 5,000 units per year with a..
Know that the far increase on cable car rides was 67%. Price is $5 one way. Prices were raised to help ease a $57 million deficit.
An American is considering relocating their Oregon facility to Nicaragua. The current exchange rate is 1 U.S. dollar (USD) to 25 Nicaragua Cordobas (NIO). The current wage rate in Nicaragua is 200 NIO per hour, and the U.S. wage rate is $15/hr. If th..
The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: There are two types of customers that come to the Barnegat Fish Company to have their signature crab cakes: An affluent group with a price elasticity of dema..
If the government removes a tax on a good, then the price paid by buyers will
Which economic decision makers conclude the provider of labor. Illustrate what is their goal also illustrate what decision criteria do they utilize in trying to reach which goal.
NPV and IRR: Under which circumstances can the NPV and IRR calculations lead to conflicting results? Differences: What is the major reason for the difference? Preferable Methods: Which of the two methods is preferable? Why? Use examples and plots wit..
Suppose the Fed conducts an open market purchase by buying $10 million in Treasury bonds from Acme Bank. Sketch out the balance sheet changes that will occur as Acme converts the bond sale proceeds to new loans.
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