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In the monetary intertemporal model, suppose that the money supply is fixed for all time. Determine the effects of a decrease in the capital stock, brought about by a war or natural disaster, on current equilibrium output, employment, the real wage, the real interest rate, the nominal interest rate, and the price level. Explain your results.
Assume the point elasticity method. 1. Anna owns the Sweet Alps Chocolate store. She charges $10 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be
If, at point A, the marginal product of capital in the gun industry is 6, what must the marginal product of capital in the rose industry be?
In the economy of Scottopia in 2008, exports equaled $400 billion of goods and $300 billion of services, imports equaled $500 billion of goods and $350 billion of services, and the rest of the purchased $250 billion of Scottopia's assets.
Let's evaluate the expected impact of the introduction of overtime pay on hours of work. Consider three cases. First suppose that before the overtime pay is started the optimal choice of hours is 5 hours per week.
Smith and Jones are stranded on a desert island. Each has in her possession some slices of ham (H) and cheese(c). Smith prefers to consume ham and cheese in fixed portions of 2 slices of cheese to each slice of ham. Her utility is given by Us= Min..
Suppose the productivity of capital and labor are as shown in the table is the input of these resources. They sell in a purely competitive market for $1.00 per unit. Both capital and labor are hired under purley competitive conditions.
Suppose you borrow $100 from a bank at 5 percent interest for one year and the inflation rate that year is 10 percent. Was this loan advantageous to you or to the bank?
a riskadverse manager is considering two projects. the first project involves expanding the market for hotdog the
Does he view an opera performance as an inferior or a normal good? Why? In a diagram, show a possible income-consumption curve for Don.
How does this forecast differ from that which would result from a perfect-foresight model? d. Is this forecast better or worse? Explain.
Timmy currently has $100 to last him a whole weekend. Let T represent his consumption on Saturday, and N represent his consumption on Sunday. His utility function is given by U(T,N)=min(T,3*N). How much of his $100 will Timmy choose to spend on Su..
Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
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