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Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion.
1. If these economists ignore the possibility of crowding out, what would they estimate the marginal propensity to consume (MPC) to be? Round your answer to the nearest one hundredth.
2. Now suppose the economists allow for crowding out. Would their new estimate of the MPC be larger or smaller than their initial one?
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
What role do monetarists believe the government should play in the economy and why After that has been discussed, What do Keynesian and New classical economists believe about macroeconomic policy. Which role of thinking do you think you would fit ..
If a company manufactures records and its cost equation for a week is C = 300 + 1.5x and its revenue equation is R = 2x, where x is the number of records sold in a week, how many records must be sold for the company to realize a profit?
Imagine your company has put you in charge of developing a sustainability plan, a common framework your organization will use to achieve its sustainability goals. Devise two strategies you would have your company adopt, and explain why you believe..
Consider an economy in which a monopolistic firm serves two identical, but separate markets, what is the total amount produced by the monopolist in equilibrium?
New Light Corporation has just created a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, New Light is expected to experience a 15% yearly growth rate for the next 5 years.
What is the maximum amount of harvest that can be sustainably achieved in this system? What level of biomass generates this amount of harvest?
Using the marginal approach to maximise profits, find the price that monopolist would charge to maximise its profit. What is the level of profit maximising output?
The money multiplier process gives us an idea of the maximum possible expansion in the economy's money supply. Can you think of a reason why the money supply might not expand to the maximum possible extent Think of some of the events that have occ..
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
The widget industry is currently a monopoly facing the demand curve P=200-20Q, where Q is total industry output. Firm 1 is the monopolist and has a marginal cost of $20. Firm 2 is a potential entrant and must pay $130 up front to enter. Once it pa..
The Tax Reform Act of 1986 eliminated the deductibility of interest payments on consumer debt mostly credit cards and auto loans but maintained the deductibility of interest payments on mortgages and home equity loans.
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