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Consider a typical short-run AS/AD model which consists of AD and SRAS curves. In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and the direction of the change. (You don’t need to draw a graph in this problem. Explain in words.)
(1) An increase in the quantity of money by the Federal Reserve increases the quantity of money that people wish to lend, lowering interest rates.
(2) Greater union activity leads to higher nominal wages.
(3) A fall in the aggregate price level increases the purchasing power of households’ and firms’ money holdings. As a result, they borrow less and lend more.
what part of the change in Sarah's demand was due to the income effect and what part was due to the substitution effect?
Each of the 10 firms in a competitive market has a cost function of c=25+q^2. The market demand function is q=120-p. Determine the equilibrium price, quantity per firm and market quantity.
What does the term "INTEREST RATE INVERSION" refer to? For the past several years, the Federal Reserve System has forced short-term interest rates to nearly zero. Why has it not been able to do the same for long-term interest rates? Explain
How are prices determined under perfect competition? Think about a firm that you have done business with recently. What industry does this firm belong to? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your class..
A firm encountering economies of scale over some range of output will have a falling long-run average cost curve. How can diseconomies of scale occur at firms with larger capacities?
Algebraically describe the market equilibrium price/output combination. Find out the price below which the firm will go out of business.
From 1990 to 2004, the Celtic Tiger, Ireland, experienced annual growth in RGDP of 6.4% while the capital stock grew at 4.8% per year and employment grew at 2% annually. Labor’s share of Income was 60%. What was the growth rate of Total Factor Produc..
You work as part of an analysis team for a consultancy that follows the semiconductor industry. Your boss saw the story from PC World and asked you to provide some analysis for an upcoming industry conference. There’s some concern as to whether Intel..
A sprinkler system inside of one house does not protect houses on the other side of town. It also requires the homeowner to purchase and install it prior to benefiting from it. Once installed it can help stop fires from jumping to neighboring homes.
A merger will likely lessen competition if
How does game theory explain why strategic moves fluctuate? Some oligopolies use a form of implicit cooperation called price leadership, which is legal in the US. Why do you think these firms try to engage in this practice? And why does price leaders..
A chemical company uses large amounts of shredded steel scrap metal in its production processes. Most of this scrap comes from 12-ounce beverage cans. What kinds of information would you need to make such a forecast?
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