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As the price level rises
A. the quantity supplied of output rises in the long run
B. the AD curve shifts to the left
C. real money balances fall
D. the LM curve shifts to the right
A firm’s production function is given by: f(L,k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
Government A decides it wants to eliminate poverty and unemployment by immediately issuing 50,000 dollars/yr to all unemployed citizens. All said citizens receiving the 50,000 per year under this government are thereby not considered unemployed. Expl..
Suppose that the average total cost (ATC) of producing 8 units is less than the average total cost of producing 9 units. What can we say about marginal costs (MC) in relation to ATC?
How will the money supply be affected by this transaction ? what is the ultimate change in deposits, loans, and reserves in the banking system? Explain in detail.
Suppose the following table reflects the domestic supply and demand for compact discs (CD’s). Now suppose that foreigners enter the market, offering to sell an unlimited supply of CD’s for $6 apiece. Illustrate and identify.
Assume that the demand for cigarettes is perfectly inelastic, whereas the elasticity of supply is one. The equilibrium price is $1 a packet and the equilibrium quantity is 1000 packets a week..
Find the following equivalent amounts if the interest rate is 8% compounded annually.
The government wants to make medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month ..
Damage to the parked car was $5,400, and damage to the store was $12,650. What amount will the insurance company pay for the damages. What amount will Kurt have to pay?
Elucidate using a graph why the change in real GDP is likely to be smaller than the shift in the aggregate demand curve.
Suppose that the market demand for organs is Q = 800-3P, where Q = QF + QD and Q is the total quantity, QF is the quantity supplied by fringe firms and QD is the quantity supply by the dominant firms. Find the profits of the dominant firm. Find the p..
For each of Marshall’s four rules of derived labor demand, come up with one example of an industry or job that you would expect to have especially elastic or inelastic labor demand based on that particular rule.
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