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The supply of a good declines (shifts left). Will total revenue after the decline in supply be greater than, less than, or equal to total revenue before the decline in supply? Explain your answer. Shift left of the supply curve against a fixed demand curve and think about elastic regions along the demand function.
Describe Okun's law. Do you believe Okun's law holds up in the current economy? Explain the relationship between unemployment and gross national product (GNP).
Evaluate the role of an Executive Level BPM Group. Who would be members of that group and how is this group responsible for reducing resistance to change? Deduce at least one method by which the organization can reduce change resistance?
Let’s assume the demand for balloons is expressed by P=40-2Q. The supply is P=3Q. What is the equilibrium price and quantity? What is producer surplus? What is the consumer surplus?
Suppose that the cost of a unit of capital is r and the price of a unit of labor is w and the level of output is y. Write down the long-run total cost as a function of w, r, and y.
Briefly explain in words how the “money multiplier” is supposed to work (i.e., how, under the “textbook view” of banking operations, a Fed purchase of Treasury securities is said to result in a multiplied expansion of the quantity of money in circula..
What are the five myths about economic recovery? What are the arguments that the private sector will be slow in creating jobs in this recession?
Decrease in demand is represented by a
In a monopolistically competitive industry,
A bond that matures in 19 years has a ?$1,000 par value. The annual coupon interest rate is 12 percent and the?market’s required yield to maturity on a ?comparable-risk bond is 14 percent. What would be the value of this bond if it paid interest?annu..
How are prices determined under perfect competition? Think about a firm that you have done business with recently. What industry does this firm belong to? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your class..
It is $16 trillion today. Does this mean that the average American is twice as well off today than in 1996? Why or why not?
Groundwater needs to be allocated between two periods, knowing that it will be totally used up in period two. What is the equation for net marginal benefits (NMB) is year 1? What is the optimal allocation of water between the two years? Show all of y..
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