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Consider the following model of aggregate demand, in which there is no international trade, the price level is fixed, and the symbols are defined as in class (all dollar amounts in billions):
C = 10 + (10/11)DI
I = 15
G = 15
Taxes = (1/10)GDP
Determine the equilibrium GDP in this economy (show your work). Draw this equilibrium on a properly labeled graph. Then use the multiplier to determine what will happen to equilibrium GDP if there is an exogenous 20 billion dollar increase of government purchases. As a result of this change, what will happen to the equilibrium values of consumption, saving, and the government budget deficit? Explain.
Some econmic historians have noted that during the period of gold standard, when the value of the US dollar was tied to the value of gold, gold discoveries were most likely to occur after a long delationary period (The discoveries of 1896 are an exam..
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What is the major tool of monetary policy, and how would it operate in the context of a tight money policy.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
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Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his lev..
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Explain why the payoff matrix in indicates that firms A and B face the prisoners' dilemma. from the following payoff matrix, where the payoffs are the profits or lesses of the two firms, determine (a) whether firm A has a dominant strategy, (b) wh..
Suppose that government purchases reduce by $10 billion, with other factors held constant. Compute the change in the level of real GDP demanded for each of the following values of the MPC.
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