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a. If the government were to reduce income taxes, how would the reduction affect output and the price level in the short run? In the long run? Show how the aggregate supply and demand curves would be affected, in both cases.
b. What is supply-side economics? Is it likely to be effective, given your answer to (a)?
what would be another recommendation you could give a small business owner that makes sense at the micro level but would harm the broader economy if it is applied by a large number of businesses?
Firm M and N compete for a market and decide independently how much to advertise. Each can spend either $10 million or $20 million on advertising. If the firms spend equal amounts, they split the $120 million market equally.
What is the maximum amount of new loans that can be created by the whole banking system as a result of this? (Include the excess reserves as part of the loans created and use your money multiplier)
Show that Q2 and U span the same subspace, where Q2 is the sub-matrix of Q with the first column removed. Under what circumstances will they be the same, up to sign flips?
At what salary would it make sense for this firm to hire an incompetent manager?
Evaluate whether management's controls operated effectively.
How do you calculate price elasticity of demand If 50 Units of a good are demanded at a price of $1 per unit. A reduction in price to $0.20 results in an increase in quantity demand to 70 Units. Show that these data yield a price elastity of $0.2..
She can, however, get insurance that would completely reimburse to her the $100,000 if her ring was stolen. What is the largest premium she would be willing to pay if her U-function is : (i) U = Y1/4 (ii) U = Y4 (iii) U = Y where Y denotes the amo..
What quantity minimizes average total cost? What quantity maximizes profit? What price maximizes profit? What is the maximum profit? What is marginal cost when quantity = a, your answer in question 4? What is the socially efficient quantity?
Suppose it is known that 45% of the population are Coalition voters, 45% are ALP voters, and 10% vote for Greens.
Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $100, and 500 carrots for $50. In 2009, they buy 75 heads of cau..
Suppose the store's loading dock faces the entrance of a campus building and the discarded boxes and paper (till they are cleaned out at a particular time of the day) generates a negative externality on the students. The marginal cost due to exter..
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