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Some economists argue against the shape of the Keynesian consumption function, which shows positive consumption and negative savings at zero income. These economists believe the consumption function is proportional to income. Statistical evidence has shown that latter type of consumption function is more in line with national data (aggregate consumption as a function of aggregate income for the entire country) and the Keynesian consumption function is generally supported by cross sectional data, or data collected from individual households. Discuss the following questions:
· Why do you think this difference exists?
· Illustrate what the reason which individuals households at some time in their lives spend more than they earn and at other times save some of what they earn?
Using the concept of opportunity cost also PPF explain the phrase affluence tomorrow requires sacrifices today
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Illustrate what is the difference among the short-run also the long-run for a perfectly competitive firm in terms of costs also profits.
Proposals for modifications of the law are formulated by committees. Under the closed rule, the legislature may either accept or reject a proposed modification, but may not propose an alternative.
Explain the difference between adverse selections also moral hazard in insurance marketplaces.
Elucidate how a bartender would know that the price of an exotic drink was too low or too high. Provide adequate conceptual justifications.
Illustrate what are the assumptions being made about Jackie by her colleagues also managers.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
Illustrate what government assistance programs does the Census Bureau consider when calculating household income.
Show how each of the following would initially affect a bank's assets and liabilities.
Compute both Burton Cummings's explicit costs every month also his implicit costs every month. Compute the opportunity cost of the resources utilized by Burton Cummings each month.
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