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Suppose that a closed economy with no government has the following consumption-income scheduleIncome (in million $) Consumption Expenditure (in million $) 55,000 53,500 57,000 54,700 59,000 55,900 Furthermore, the autonomous consumption is equal to Php16,000, exogenous investment is Php700,000 and exogenous government expenditure is Php650,000.
a. Find MPS (marginal propensity to save), MPC (marginal propensity to consume) and the multiplier.
b. What is the break-even level of income?
c. Would you consider the break-even point as the equilibrium point? Why or why not?
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We assume there are no lump-sum taxes and no dividend income: ? = T = 0. We assume h = 1 and the wage rate w = 1. There is a consumption tax such that for each purchased unit of consumption, the consumer needs to pay 1 +t units where t goes to the..
nGDP is $5 trillion in Yr 1 and $5.4 trillion one year later. What is the GDP growth rate? B) If rGDP in Yr 1 was also $5 trillion what can you say about Yr1? C) If rGDP grew 5% between Yr. 1 and Yr. 2 what did GDP prices do?
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The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Arrow now sells 100,000 silk shirts at $100 each. The material per shirt expense $40 and labor costs are $50 a shirt. The company has $1.2m. In fixed costs.
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