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Q. In the standard Keynesian framework in Open Economy Macroeconomics, the supply is assumed to be perfectly elastic and the condition required for stability of of equilibrium is the Marshall-Lerner condition. When we drop the assumption of perfectly elastic supply, the supply curve of imports becomes positively sloped and the condition for stability of equilibrium is Bickerdicke-Robinson-Meztler condition. Explain the Positively sloped Supply of imports and negatively sloping demand for imports (measuring foreign price on vertical axis and imports on horizontal axis), why as a result of rise in exchange rate, the amount of imports fall but not as much as it does when the supply is perfectly elastic?
Now suppose the factory develops an innovation that allows it to produce a shirt for the equivalent of 1 loaf of bread. What is the new radius of the factory's market area.
If the foreign country enters the market first, determine the equilibrium price and quantity. Will both countries produce. Show both average cost curves and the equilibrium.
She is considering quitting her job and going to university full time for four years.
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
In this forum we discuss the different arguments that are made in favor of international trade protectionism and the important role of the politics of protectionism.
Suppose that the only input used in the generation of solar energy is sunlight
A farmer has a production function f(L) where the input is capital (L). The cost of this loan is L(1+i). The farmer also has an outside option (loan from family member) which generates a profit of A.
Refer to the Real Estate data, which reports information of homes sold in the Goodyear, Arizona, area during the last year. Prepare a report on the selling prices of the homes.
Representatives were to logroll (trade votes) to get their preferred policy to pass, what would be the result. What are the total benefits from each project.
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
Expectations and consumer confidence are important in determining fluctuations in aggregate spending. In your opinion, what is the present status of consumer confidence.
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
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