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For each of the following state whether you would make an aggregate demand or aggregate supply diagram and forecast what shift each condition would cause in the AS or AD curve and why so. Suppose full employment at the starting point in each case.
[1] The Bank of Canada decreases interest rates.[2] The Canadian government increases spending on new programs.[3] A booming economy in the United States increases Canadian exports.[4] Canadian corporate tax rates are reduced.[5] Canadian personal income tax rates increase to help fund the public debt.
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
The equilibrium price for physiotherapy visits is $30 and the quantity utilized is 150 visits as a result of the demand and supply conditions in this diagram.
Current economic theory and their application or lack of application to contemporary economic problems
A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic.
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Discuss why a monopolist should lower its quantity relative to the perfectly competitive market to maximize profits. Make sure to elaborate employ examples.
You were recently hired to replace the manager of the Roller Division at a major conveyor manufacturing firm, despite the manager's strong external sales record.
Assume the economy starts at equilibrium and the mpc=.8. What would be the effect of the $500 increase in taxes (once all the rounds of the mulyiplier process are complete) in relation to equilibrium output?
Neolithic Revolution
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
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