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Consider our standard formula for GDP: Y=C+I+G+X. Additionally note that consumption is given by: C = a+b(Y-T) where T= -20+0.2Y. You also know that : a=150 ; I = 500 ; G = 385 ; X = -7 Furthermore you knowthat the marginal propensity to save (MPS)equals 0.4 Calculate the following: a.) Marginal Propensity to Consume b.) Government spending multiplier c.) Tax multiplier d.) Y* e.) Government Deficit
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor
Identify which economic and political policies affect your firm and explain how they impact business decisions. Explain how does your firm use technology to strategic advantage.
The government imposes a fixed fee per year on each firm operating in a competitive market.
Many cities regulate taxi industry by licensing cabs. These licenses are often called medallions because they are issued in the form of a metal shield that must be affixed to hood of the cab, where enforcement officials can easily see it.
Show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect.
Conduct an analysis of a recent article and provide their evaluation and outcome expectations in a written paper of 1500 words that discusses:
Suppose that a fall in consumer spending causes a recession. a. Illustrate the changes in the economy using both an aggregate-supply/aggregate-demand diagram and a Phillips-curve diagram
Assume that, from an initial consumer equilibrium position, the price of good X falls-explain how and why the consumer's relative consumption of two goods will change.
It is a study guide which will help students to further research the topic.
Assume that the following table describes prices, incomes, and every person lobster consumption in three U.S. cities.
If Joe's income is $5,040 a month, and the price of goods X1 and X2 are $45 and $5 respectively, derive the following: A) The quantity of X1 and X2 that maximize Joe's utility B) The maximum level of utility Joe receives.
What do you think the increase in productivity is likely to move the economy closer to full-employment or farther away.
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