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"The classical theory dominates the economic thought, both practical and theoretical, of the governing and academic classes of this generation, as it has for a hundred years past. ... [But it is] applicable to a special case only and not to a general case, the situation it assumes being a limiting point of the possible positions of equilibrium." (Keynes, 1936, p. 3).
(a) What are the traditional classical (also neoclassical and modern classical) and Keynesian de?nitions of equilibrium? How are they related? Can there exist an underemployment equilibrium in their models under each of these de?nitions?
(b) If you adopt the Keynesian de?nition of equilibrium, was the traditional classical model a special case of any of the Keynesian models? Of the new Keynesian model?
(c) Are the neoclassical and modern classical models also special cases of any of the Keynesian models?
Estimate the mean number of cars per household for the population of households in this neighborhood
Community Health Education Theory as Foundation
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Using the current specification, resurfacing a road will cost $1.5M initially, need $120k in annual maintenance and need to be resurfaced every 10 years. A proposed new specification is expected to be more resistant to wear.
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Changes in inflation expectations and required real yields occurred?
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How many spaghetti dinners should the firm make each day and what if the firm has avoidable fixed costs of $1562.50?
Risk exists when
Calculate the capitalized cost for the following cash flows using the minimum number of compound interest factors. Should use the minimum number of compound interest factors.
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Suppose we have two goods. The price of good 1 is 10 and the price of good 2 is 15. The income is 30. Construct a diagram, with the quantities on the X-and Y-axes, and draw a budget line in the diagram.
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