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1. Monetary Intertemporal Model
Assume that last year there was a sectoral shock in Canada, and the economy has already adjusted to the new short-run equilibrium. On the goods market, the labour market and the money market diagrams, illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
2. Money surprise model
Show the effect of a fully anticipated increase in government expenditure on all three markets using respective diagrams.
3. Real Business Cycle Model
Suppose that a change in preferences has made consumers less frugal they are now willing to purchase more at every level of income and at every interest rate. Illustrate on all three market diagrams.
Do the estimated coefficients have the required signs to yield a-shaped AVC curve? Discuss the significance using the p-values.
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Write a 400- to 700-word memo to the economic adviser. Describe the change in tax revenues for the government in the new equilibrium, in both the short and longer terms.
Find the optimal (profit maximizing or cost minimizing) output of each firm. Find the price that each firm charges at the when producing the optimal output.
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
Credit cards are sometimes discussed as a public problem. In 2001, purchases on credit cards accounted for 21% of consumer spending in America, which has the lowest savings rate of any big country.
Suppose that the assumption in key concept are satisfied. Show that X i is a valid instrument. That is, show that key concept 12.3 is satisfied with Z i = X i .
Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced.
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
Use both an individual's indifference curve and budget line, and the aggregate labor supply curve to explain and illustrate your answer.
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