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Assume the United States has the following consumption information: GDP=Income $4000, $6000,$8000,$10000,$12000; Consumption $4500,$6000,$7500,$9000,$10500. Also the economy has G=$1100, I=$404, and Xn=$15. Unemployment in the economy is currently 5.2% and inflation is 0.1%. a) What is the MPC in this economy? b) What is the multiplier in this economy? c) What is the equilibrium level of gDP in this economy? d) What is the equilibrium level of income in this economy?
At what quantity of output does marginal cost attain its minimum value? At what quantity does average variable cost equal marginal cost?
Calculate the cross-price elasticity of demand. Given the elasticity you calculated, did it make sense for supermarket to raise its price.
Ann owns a lawn mowing company. She has 240 lawns she needs to cut each week. Her weekly revenue from these 240 lawns is $8,400. If given an 18-inch deck push mower, a laborer can cut each lawn in two hours. If given a 60-inch deck riding mower, a la..
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
“If the legal standard of care in a negligence rule is necessarily vague, the court should set it below the level of efficient precaution.” Explain the economic argument in favor of this proposition. Doctors are liable when their negligence injures p..
Assume 1990 to be the base year. If by the end of 2004 a country's export price index rose from 100 to 130 while its import price index rose from 100 to 115, its terms of trade would equal 113. Why?
1. in recent years consumption spending by households has accounted for about 70 of the total spending aggregate demand
you should note whether the scenario indicates a shift of the curve or movement along the curve. you are a supplier of widgets. What technology available to produce your product suddenly improves.
Assume your town decides to levy a tax to raise funds for construction, maintenance also other expenses for local schools. Should the tax be proportional, progressive or regressive.
How does anarchy lead to a focus on consensus and give power to veto states and coalitions? How does ecology and sovereignty collide?
Define ex,I and ey,I to be income elasticities for goods x and y. Define sx and sy to be income shares for x and y.
Suppose this year Angola borrows $100 million from foreign countries while it lends $15 million. Angola definitely is a net borrower. net lender.
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