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The generalized demand and supply functions for good X are Qxd = 100 – 2PX + 0.01M + 8 PY - 4Pz Qxs = 50 + 3PX – 6PI + PT Where Qxd = quantity demanded of good X Px = price of good X M = consumer income PY = price of good Y Pz= price of good Z Qxs = quantity supplied of good X Px = price of good X PI = price of input I PT = price of technology T a. Does the Law of Demand hold in this demand equation? How do you know? b. Does the Law of Supply hold in this supply equation? How do you know? c. Are good X and good Y substitutes or complements? How do you know? d. Are good X and good Z substitutes or complements? How do you know?
Suppose the Irish economy is at full employment. Suppose in a few months, the exchange rate of the Irish national currency, the punt, will decline, giving the Irish relatively less purchasing power in foreign markets. What will happen to the price le..
Households and firms makes decisions about how much to consume and invest based on expectations about the future. How does government tax policy affect the decisions of households and firms from a general perspective? From your personal perspective? ..
This means “to let the decision stand” and is used by courts to make consistent judgments.
What are the four factors which both expected and unexpected,perpetuate the business cycle.
When the interest on a loan is below market, a lender must offer a discount to induce the investor market (secondary market) to purchase the loan. Assume a house is worth $100,000 if purchased with all cash. The existing 9% assumable loan has monthly..
The success of the apple ipad leads more firms to begin producing tablet computers. In the six months following the japanese earthquake and tsunami in 2011, production of automobiles in japan declined by 20 percent.
The impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following policies: free international-capital flows, monetary policy for domestic stabilization, and a fixed exchange rate.
Avoid having developed economies regress to a Smoot-Hawley type of isolationism or protectionism to avoid job losses in import-competing sectors.
Rational expectations theory suggests that? short-run stabilization policy
How might your elasticity of demand for copying and binding services vary if your work presentation is next week versus in two hours?
A mechanical engineer must recommend an A/C system to a commercial building owner. The owner uses and MARR of 6%, but is not sure how long he will own the building. A conventional split system has a design life of 10 years, a cost of $47,000, and ann..
What amount of equity method income would Russell recognize in 2013 from its ownership interest in Thacker.
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