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What is inferential statistics and how does it differ from descriptive statistics?
Suppose SRAS is horizontal as believed by Keynesian economists and is given by P = 110 and that the aggregate demand curve is P =200-2Q. Now suppose that the SRAS shifts upward from P=110 to P = 115. What will happen to the inflation rate? What will ..
Suppose the demand for golf at a country club is Q = 80 - .5P and MC = $40. How many rounds of golf will a member buy and how much could the club charge as an annual membership fee? Draw a diagram.
Suppose the systolic blood pressure of a person is measured 36 times over several days and the standard deviation of these measurements for the person
Please distinguish between the Keynesian and Classical views about the correction of problems that arise from business cycle. Please define spending multiplier. What is its significance in fiscal policy discussion? What is loanable fund market about?..
Consider a firms per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 8 units of output will be produced; if it employs 2 units of labor, then 12 units of output will be produced; and if it employs 3 units of labor, then ..
A nation's capital goods wear out over time, so a portion of its capital goods become unusable every year. Last year, its residents decided to produce no capital goods. It has experienced no growth in its population or in the amounts of other product..
If I spent all my money ($450,000) on a new house I could buy a house with 4500 square feet. I settle for a 1500 square foot house. (Each square foot costs the same.) The day after I close the deal a nearby nuclear power plant is condemned and the va..
What would cause an average person to "snap?" Have you been in a similar situation? How did you behave?
Prove the following claim: The more elastic the demand and supply curves are, the higher the deadweight loss associated with the introduction of a per unit tax will be. Hint: consider two general linear demand and supply functions, calculate the dead..
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
If Maeki asserts a legal claim, he will face additional decisions in trying to resolve the dispute. Here are some of the relevant costs and benefits:
Discuss which of the 10 surprising facts about money impacts
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