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1. Consider a simple Keynesian income-spending model of an economy described by the following equations
C = 210 + 0.75Yd
= 300
= 425
= 120
= 100
M = 0.15Y
= 250
(a) Calculate the equilibrium level of income.
(b) Sketch this equilibrium position using a two-dimensional graph.
(c) Suppose the government reduces public expenditure on goods and services by 25. Estimate the change in the equilibrium level of income. What is the new equilibrium level of income?
What happens to the indifference curves when a household's income is reduced and how does a budget constraint explain consumer choices when used in conjunction with indifference curves?
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Can you tell which adviser was a better selector of individual stocks (aside from the issue of general movements in the market)? If the T-bill rate were 6% and the market return during the period were 14% which adviser would be the superior stock..
We make selections as customers every day. Opportunity cost is defined as a person's next best alternative or cost of what you give up when you make a choice.
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