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1. Provide a written definition of the output supply curve, Ys .
2. Graphically derive the output supply curve, Ys , for the real intertemporal model with investment (the model from Lecture Note 9). Be sure to show all graphs and all work.
3. Provide a written definition of the output demand curve, Yd.
4. Graphically derive the output demand curve, Yd , for the real intertemporal model with investment (the model from Lecture Note 9). Be sure to show all graphs and all work.
5. Graphically show the competitive equilibrium of this model. For full credit, make sure to label the axis of your graphs.
Think of a business firm you recently visited (such as Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald’s, etc.). What motivated the producers of all the individual products in the store to make them and offer them for sale?
What would we expect a positive supply shock to do to the real wage? Employment? Explain. The rate of growth in Canada's real GDP is expected to be only 2% next year. What do you predict will happen to the unemployment rate? Explain.
Joe keeps only 5.5 days-of-supply of inventory on average because much of his inventory is live bait and micro-brew beer, both of which have a short shelf life. What is his annual inventory turns.
Compute the elasticity of trades with respect to every inconsistent in the demand function.
“Falling oil prices will lead to increased employment, higher wage rates and increased real money balances.” Comment on this statement with the help of an AD-AS diagram and explain the short-run and long-run adjustment processes.
In a private company’s accounting system, inputs are _______________ and outputs are _________.
When tolls on the Dulles Airport Greenway were increased from $0.50 to $1.50, traffic decreased from 31,000 to 10,000 trips a day. Assuming all changes in quantity were due to the change in price, what is the price elasticity of demand for the Dulles..
Suppose Home economy produces 2 goods, Food and Cloth, using labor, land, and capital. Land is specific to the Food sector and capital is specific to the Cloth sector. Labor is the mobile factor implying that labor and land are used to produce Food; ..
The demand for good x1 is given by: (m/p1) - (p1/p2), where p1=1, p2=1, and m=10.Which of the following accurately describes the INCOME elasticity of demand?
Halcrow,Inc., expects to replace a downtime tracking system currently installed on CNC machines. The challenger system has first cost of $70,000, an estimated annual operating cost of $20,000, a maximum useful life of 5 years, and a $10,000 salvage v..
Limit pricing will effectively deter entry when:
Gorton is HIV positive. He is also has severe allergies. The medication he takes to control the debilitating effects of his allergies causes his nasal membranes to dry out, resulting in frequent nosebleeds. Gorton sues based on the Americans with Dis..
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