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Assume the Australian economy is initially in a long run equilibrium, with real GDP equal to $1.5 trillion. Suppose, now, that there is a global stock market crash -- which reduces real wealth significantly, shifting aggregate demand (AD) to the left, and reducing real output, in the short run, by $60 billion.
If neither the government nor the reserve bank change their policies in response to this shock, then, ceteris paribus, in the long run:
Junior collects baseball cards. He owns one Felix Hernandez card that sells in most shops for $15. He is interested in buying a different Felix card that also sells for $15. According to behavioral economics:
In the aftermath of 'The Great Recession', how would you describe the economic growth scenario for the U.S. economy? Explain your answer. Is economic growth impacted by prevailing employment/unemployment levels in the economy? Explain. Why is economi..
Compute the marginal revenue when the price elasticity of demand is −0.25.
In the city of Growville, the equilibrium employment is 100,000 workers, and the equilibrium wage is $80 per day. The elasticity of demand for labor is 1.0 (in absolute value) and the elasticity of supply of labor is 4.0. The employment multiplier is..
Explain at the current price, eight units are demanded each period. If the objective is to increase total revenue, should the price be increased or decreased.
1. What is the balance of payments? Why must the balance of payments generally add up to zero
Compute the equilibrium level of income for the open economy aggregate expenditure model.
Copiers cost about twice as much as workers. Would you recommend they buy another copier or hire another worker?
Use examples to distinguish between the resource market and the product market in the circular flow model. As we read this unit, how does the circular flow model illustrate how our economy works? How does the circular flow model work? What are the tw..
Problem associated with fourth video: demand with perfect substitutes Consider the following utility function u(x1, x2) = 2x1 + x2. Calculate the MRS for this utility function. Does it depend on x1 and x2. (b) Given an income m and prices p1 and p2 d..
Homer's boat manufacturing has a monopoly on boat sales in the region. Homer's marginal cost of the 8th boat produced is $1,200. He produces only eight boats and can sell all eight boats for $1,500. The elasticity of demand at this price is -2. Is..
In the 1970s in U.S. cities, air emissions were governed almost completely by prescriptive regulations. One of the problems faced by regulations in large urban areas with air quality well below desirable levels was how to let new polluters into the c..
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