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GDP is up .5% for the previous quarter, after having been in a decline for the previous twelve months. CPI has been steady for the past twelve months. Unemployment has fallen .8% during the previous quarter, after having risen steadily for the past twelve months. On your own, draw the three-stage aggregate supply (AS) curve, and two Aggregate Demand (AD) curves for this situation. Label them to show the direction the economy is moving along the AS curve. Then, answer these questions in the End of Unit Project: #3-1 What phase of the business cycle is the economy in? How do you know? #3-2 Do you want Aggregate Demand to move? Which way? Why?
Given the following demand curve Q=100 - 2P determine the price elasticity of demand at the following prices. 1. P = 10, Elasticity = 2. P = 30 Elasticity = ?
An individual has to choose between investment A and investment B. The individual estimates that the income an dprobability of the income from each investment are as given in the following table Using Excel statistical tools, ca..
Discuss both the economics and the political economy of this viewpoint.
Use the concepts of the income and substitution effects to predict whether Sabrina will work more hours, fewer hours, or the same number of hours. (Hint: Is there an income effect to consider?)
Calculate the consumer surplus at the equilibrium.
Brian and Kim own a business employing 8 workers to produce commemorative t-shirts for campus organizations and events. They are currently producing 2000 shirts per month with average total cost of $8.00, average fixed cost of $2.00, and marginal ..
In many states with lotteries, people can take their winnings in a single, discounted, lump-sum payment or in a series of annual payments for 20 to30 years. What factors should a winner consider in determining how to take the money
in a local market the monthly price of internet access service decreases from 30 to 20 and the total quantity of
(Fiscal Policy)This chapter shows that increased government purchases, with taxes held constant, can eliminate a contractionary gap. How could a tax cut achieve the same result? Would the tax cut have to be larger than the increase in government p..
The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.Ps = 80 - Qs Pe = 100 - 2Qe Show that MRe = MRs = MC
The demand of product (X) is given Qx=14-3Px+4Py. Xsells for $5/unit and Y sells for $2.5/unit. 1 what is the cross price elasticity of demand between goods X & Y at these prices. 2 What is the own price elasticity of demand at these prices
If we cannot measure every invention or new idea, how can we possibly measure the contribution to growth of technological progress?
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