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Classical economists belief that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run. On the contrary, Keynesian economists believe because of price and wage rigidities the economy's equilibrium output in the long run may be less than its potential output. What is price-wage rigidity? Do you agree with Keynes assessment that wage-price rigidity requires government's involvement in the markets? Why? Why not?
Please note that a minimum of 250 words for the discussion posts is required. I need one in-texted citation in the APA format with the reference information.
An increase in the aggregate demand for goods and services will result in an increase in the amount of output firms are willing to produce, and this increase in output will be accompanied by: a. a decrease in the inflation rate.The long-run aggrega..
If a representative firm with long-run total cost given by TC = 50+2q+2q^2 operates in a competitive industry where the short-run market demand and supply curves are given by Qd = 1,410 - 40P and Qs = -390 +20P, its long-run profit maximizing leve..
Determine absolute advantage and comparative advantage and explain why will resources specialize according to their comparative advantages?
Suppose 10% of all workers are of high ability. If a firm knows a worker's ability, workers of low ability are paid $20,000 and workers of high ability are paid $30,000. Obtaining a university degree can signal high ability, and the cost of degr..
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1. Watch the Dr Seuss The Sneetches and write down an exhaustive list of the macroeconomic concepts that you observe.
Define what is the entire relationship between the price of the good and quantity demanded of the good.
Imagine there are two polluters of a given substance with the following marginal-abatement cost functions MAC1=200-e(1) and MAC2=300-3e(2) where emissions are measured in tons/year and both MAC1 and MAC2 are measure in $/ton. Draw on a graph MAC1...
In friedman's interpretation of the philips curve, an expansionary monetary: 1.increase both inflation and nominal output in the short run and long
Jen purchased a condo in Naples Florida for $699,000. She put 20% down and financed the rest at 5% for 35years. What are Jens total finance charge?
The functional finance approach to budget deficits would set the federal budget to promote an economy operating at potential output. What problems would you expect if the country were to employ this kind of budgetary philosophy
Give two reasons to defend your chosen business cycle and identify the right fiscal policy that should be followed: contractionary or expansionary.
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