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Oil Prices' Effect on Supply and Demand
Since fall of 2004, rising oil prices (over $70 per barrel in the Spring of 2006) have frequently ended stock market rallies and led to declines in all major stock indexes.
Draw an AS/AD diagram which shows the effect on the US macroeconomy of oil at $70+/barrel versus oil at $40/barrel.Label your diagram clearly and explain how higher oil prices impact either AS, AD, or both.
Finally, explain why rising oil prices have negatively impacted US equity markets.
Illustrate what are the major macroeconomic goals of all societies.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Illustrate what is the arc cross elasticity of demand among Future Flight's and Soaring Free's frisbees
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
Suppose that Hump Ridge Company produces and sells two products, x and z, and that its total cost is given by-What does λ equal? What does it mean?
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
Suppose they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home.
Illustrate what are the gains and losses for consumers in these types of international production and trading patterns.
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
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