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Question: A temporary TFP shock: Suppose the economy is hit with a temporary positive TFP shock. For example, suppose weather conditions are temporarily very favorable for agriculture.
(a) Analyze the effect of the shock in the labor market diagram of a standard DSGE model (with no sticky prices or wages). What is the effect on the real wage and employment in the short run?
(b) How would your answer change if there are sticky prices? Discuss how your answer relates to the impulse response functions shown in Figure.
The firm's long-run total cost is given by and long-run marginal cost is given by LMC = 100 - 20Q + Q2. At what output level does the firm experience economies of scale?
explain how the aggregate expenditure function shifts in response to change in each of the following variables. higher taxes are imposed on business profits
What is the maximum capital cost of the conversion unit for which a refiner should proceed with the investment and what does this tell you about the significance of estimating future product prices?
Analyze the elasticity of demand for products within the selected industry relevant to Katrina's Candies. Determine the factors involved in making decisions about pricing these products that you believe to be the most influential.
The marginal product of labor (measured in units of output) for Expando Corp. is given by MPN = A(400-N) where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $.150 per unit.
why do income inequalities exist? how are income inequalities measured? how have income inequalities changed from 1980
Suppose you have the following demand function for the good x: x* = 80(py/px) - 0.5I. Are goods x and y complements or substitutes? How do you know?. Does good x demand satisfy the first law of demand? Why or why not?
Explain how the nominal dollar/euro exchange rate would be affected (all else equal) by permanent changes in the expected rate of real depreciation of the dollar against the euro.
In the previous problem, assume that the closing cost for refinancing is $4,000, which you agree to be added to the balance of your loan. What range of mortgage rates makes the refinancing financially to your advantage?
How is the 2008/2009 economic recession defined? What are the indicators and fiscal and monetary policies implemented
Demonstrated understanding of principles covered in this module. Critical evaluation of issues in the case. Quality (insight, critical evaluation, etc.).
Consider the following graph of a monopolistically competitive firm selling DVDs. A. How many DVDs should be sold to rent per day to maximize profit. B. What is the economic profit for this firm operating where economic profit is maximized.
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