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Phillip’s Curve: For each of the following draw an AD/AS diagram and a corresponding Phillip’s curve assuming the following: (1) suppliers produce more goods and services when price increases; (2) actual GDP is 9,200; (3) full employment GDP is 10,000; (4) the natural rate of unemployment is 5.5%.
a) Show in both diagrams the effect of an increase in government purchases that pushes actual GDP up to full employment.
b) Again assume actual GDP is at 9,200, show in both diagrams the effect of the Federal Reserve Bank selling treasury bonds to banks.
c) Again assume actual GDP is at 9,200, in both diagrams show the long run effect if the government does nothing.
A dairy company is considering upgrading an old ice- cream maker. Upgrading is available at two levels: moderate and extensive. Moderate upgrading costs $6, 500 now and yields annual savings of $ 3300 in the first year, $3,000 in the second year, $2,..
They found that getting larger was painful it involved a lot of new administrative infrastructure to get everything organized
Explain why oligopolists have an incentive to collude or form a cartel and Explain why oligopolists in a collusive agreement might have an incentive to renege on such an agreement.
Consider Solow's model when the production function is Y = 1000K0.3 L0.7 . The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Facto..
Parkleigh presents an hourly salary also the employee discount. Kaufmann's offers only an hourly wage.
Show long run effect on In Phillips curve diagram. If expectations are rational and increase in money growth is announced, what happens to In short run.
In your opinion, discuss when it makes sense to forego purchasing car insurance (assuming the state did not require it). In your answer, use moral hazard and risk aversion to describe your decision.
The demand for football tickets is Q = 360 – 10P and the supply of football tickets is Q= 20P. The government levies a per-ticket tax of $4, which is paid by consumers. Calculate the after-tax price paid by consumers. Calculate the gross price receiv..
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 3 million households is given by Q=11 – P so that marginal revenue is MR=11– 2Q. If consumers are successful in their lobbying efforts and..
The private marginal benefit associated with a product’s consumption is PMB = 360 – 4Q and the private marginal cost associated with its production is PMC = 6Q. Furthermore, the marginal external damage associated with this good’s production is MD = ..
Explain why domestic producers who supply a good that competes with imports would prefer an import-substitution approach to trade rather than an export promotion approach. Which policy would domestic consumers prefer and why.
How is rent determined on plots of land of different quality? Does it matter whether or not the supply of factor inputs used on the land is perfectly elastic? Suppose that the factor supply curve is perfectly inelastic. What happens to land rent on e..
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