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Q. Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 1998, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per pound. At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 and meat prices had actually fallen to $2.00. Can you say what happened to the overall "price level?" How might you construct a measure of the "change in the price level?" What additional information might you need to construct your measure?
As part of your answer converse whether or not one or more of the legs of the organizational stool was unbalanced.
Evaluate Rusal's prediction by using the demand and supply equations to make a prediction about the movement of world aluminum price.
Suppose that the market for wheat is characterized by the following demand and supply relationships.
The municipal swimming pool charges lower entrance fees to local residents than to non-residents. Conclude that non-residents must have for swimming at the pool than residents.
a homeowner can insulate his house and save $50 each year in heating bills. If the interest rates are 6%, should the house owner insulate or not.
Does a persistent balance of payment deficits result in a pressure to devaluate the currency.
Bud has very limited store space and has decided to limit his product line to one brand of beer, choosing to forego the snack food lines that normally accompany his business.
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
This question uses the general monetary model, where L is no longer assumed constant.
Elucidate the common kinked-demand model. In the oligopolist's marginal-revenue curve, elucidate the reason for gap. In this model explain how does price rigidity in oligopoly.
If Live Theaters charges one price to all patrons, what would it be. Illustrate how many customers would it serve.
The third largest city of a country has a population of 12.5 million.
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