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What is a wage-price spiral, and how can a devaluation start one? Is it something undesirable? Explain. How can a wage-price spiral be avoided?
according to the cruise ship examplea what are the real and what are the nominal objectives goals of macroeconomic
Suppose a tax on beans of $0.05 per can is levied on firms. As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers Suppose the supply elasticity is 0.6. What must the demand e..
An entrepreneur is considering opening a coffee shop in downtown Cookeville. The building that he is considering will have a monthly lease payment of $3200 and basic utility costs of $600 per month.
An engineer has a fluctuating future budget for the maintenance of a particular machine. During each of the first 5 years, $1000 per year will be budgeted. During the second 5 years, the annual budget will be $1500 per year.
EC 502: Problem Set 6. Using the formula for εts given above, together with the optimal policy formula for xt given above, draw a curve describing the evolution the output gap xt in response to the positive cost-push innovation in period 1. In period..
Do you think these phenomena are related? Could higher wages and better job opportunities lead to a more capital-intensive way of performing household chores? Explain.
Queen Elizabeth has decided to auction off the crown jewels, and there are two bidders: Sultan Hassanal Bolkiah of Brunei and Sheikh Zayed Bin Sultan Al Nahyan of Abu Dhabi. The auction format is as follows: The Sultan and the Sheikh simultaneousl..
If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum w..
how would this merger affect airline costs?
Table 22.4 shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2?
Suppose Alex's utility function for tops (x) and candy (z) is: U(x,z)= x¾ z¼ . Suppose this year she has income of 1,000 to spend on these two goods. The price of a unit of x is $25 and the price of a unit of z is $5. Her marginal utility of x is ..
Suppose that instead of 1,200 workers, Home has 2,400. Find the equilibrium relative price. What can you say about the efficiency of world production and the division of the gains from trade between Home and Foreign in this case?
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