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Consider the following money demand function (in real terms)
M/P=kY – bi where k is the income elasticity and h is the (nominal) interest rate elasticity of real money balances. Assume that k > 0 and that h > 0. Further assume that the quantity of nominal money balances is fixed by the Bank of Canada at M and that the price level, P, is also fixed at P.
a. Derive the equation for the LM curve.
b. What is the slope of the LM curve?
c. Discuss how the slope of the LM curve is affected by k and h.
using a demand and supply model to explain the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men and women.
Explain how could the advertising be employed to allow KinderCare to keep price above average cost without encouraging the entry.
Suppose that normal workers increase a rm's revenue by $6, while smart workers increase revenue by $A, where A > 6. Firms cannot tell smart workers from normal workers ex ante, but can observe a worker's educational level.
Illustrate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced. Determine the GDP price..
Illustrate what happens if the government is trying to stimulate the economy with their spending, but this leads to a greater output than projected.
Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific.
What is the value of APC at income level Z, at income level RM 2000, what is the value of APC
a. Explain how asymmetric information about a hidden action or a hidden characteristic can lead to moral hazard or adverse selection. b. Discuss a few tactics that managers can use to overcome these problems.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
Bridget has limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
Given the above prices, will the firm adopt a new method which involves 10 units of land, 3 of labor, 2 of capital, and 2 of entrepreneurial ability?
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