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The velocity of money is equal to PQ/M. Hence, V = PQ/M. This is related to the equation of exchange and is just a rearrangement of the equation MV = PQ.
a. true
b. false
As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
A plot of land costing $200,000 was acquired on January 1, 2001. The price level was 120 on that date. One-quarter of the land was sold on December 31, 2001, for $60,000 when the general price level was 180. Compute the following holding gains:
Assume that $5000 is deposited today, three years from now, six years from now, nine years from now, and twelve years from now in a savings account which earns 5% annual interest. What is the balance at the end of year 13?
Imagine one of worst case scenarios realizes in October 2012, in which Greece does not belong to the eurozone any more, so Greece goes back to use of its own currency, Greek drachma.
Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor What are the new equilibrium wage rate and employment level What happens to economic rent
Asume you are analyzing the market for minivans. What will be the impact on the equilibrium price and equilibrium quantity of each of the following events on the minivan market. Justify your answer using the supply and demand model.
Suppose that two companies are duopolists that produce identical products. Demand for the products is given by following linear demand function:
What happens to the real interest rate, output, consumption, and investment in the short run (in which the price level is fixed)? What happens in the long run to the real interest rate, consumption, investment, and the price level?
Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm. A. For the monopolist: i. Profit maximizing output = ii. ATC = iii. AR = iv. Price = v. Total Revenue = vi. Total Cost = vii. Profit = GE273
Identify whether the subsiquent issues are macroeconomic or microeconomic and explain why you categorized them in that way.
A monopolist sets price at $10 and sells 100 units. The corresponding marginal revenue is $5 and the marginal cost is $3. What recommendation regarding price and quantity would you give this monopolist? Use a graph to help explain you answer.
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is -3. Find the price at which the firm sells the product.
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