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Suppose that the Fed is required to keep the inflation rate between 1 percent and 2 percent a year but with no requirement to keep trend inflation at the midpoint of this range. The Fed achieves its target.
a. If initially the price level is 100,i. Calculate the highest price level that might occur after 10 years.ii. Calculate the lowest price level that might occur after 10 years.iii. What is the range of uncertainty about the price level after 10 years?
b. Would this type of inflation goal serve the financial markets well and provide an anchor for inflation expectations?
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
RainAway, Inc., makes polymers used to coat the windshields of car's, planes, and boats-Complete the following table based on the RainAway product's price, output and costs per year:
Illustrate what is the difference among nominal and real quantities and why make the distinction.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
By how much will each firm reduce its SO2 output? Which firm will buy permits, which firm will sell them, and how many permits will be exchanged?
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
It is your first day on the job at the Itty Bitty Machine (IBM) company and your new boss wants your advice. The company has invested $10 million in its new computer software.
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
Find out the income elasticity of demand. Elucidate whether gas is a normal or inferior product.
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
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