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Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price. By using the Concepts of consumer and producer surplus, show that decontrol of the price may make consumers worse off but will nevertheless improve society's economic welfare.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
Assume that there are two power generating plants that emit SO 2 (sulphur dioxide). In the absence of regulation they each emit 10 tons of pollution per month.
Explain what would happen to the slope or position of the AD curve in the following circumstances.
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
A scientist wants to determine the half-life of a certain radioactive substance-Based on the data, what is the half-life?
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. What price should the manager charge for the calculators?
Mention four key points from the reading assignments that were emphasized in the simulation. Find out how price elasticity of demand affects the decision making of the consumer and of the organization.
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
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