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Read the excerpt of Essays in Positive Economics and answer 3 questions
Question 1: Does the formula for falling bodies give accurate or inaccurate results when a feather is dropped? How about when a ball is dropped? What about when a ball is dropped from an airplane?
Question 2: In explaining why leaves have accumulated on one side of the tree, Friedman notes that one hypothesis is that leaves have minds and have deliberately chosen to fall to one particular side of the tree. Suppose that a critic responds "we should reject that hypothesis because it is utterly stupid."
Based on the reading, do you think that Friedman would agree or disagree with this critic? Why/why not?
Question 3: Throughout the paper, Friedman consistently uses the phrase "as if." In the context of the billiard player, briefly explain (e.g., a few sentences) what Friedman means by "behaving as if..."
Attachment:- Friedman_Essays_in_Positive_Economics_1953.pdf
Use a money supply and demand diagram to answer the following problem: Everything else being the same, what is the effect of an increase in interest rates on the price level? Discuss the process of adjustment to the new equilibrium.
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