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Use the classical model and the quantity theory of money to predict how each of the following shocks would affect the real wage rate (W/P), the real interest rate (r), real aggregate income (Y), and the price of goods and services (P) in a closed economy in the long run, all else equal. For each shock, be sure to clearly state a prediction for all four variables, illustrate your predictions with the relevant diagrams, and explain your predictions intuitively in words.
a. A increase in the size of the domestic capital supply
b. An increase in the income velocity of money.
The investment demand curve is a useful tool to summarize an important and complex relationship in the economy. The determinants that may cause this Investment Demand Curve for the U.S. economy to shift are acquisition
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Rising jet fuel cost recently led most major U.S. airlines to raise fares by approximately 15 percent. Explain how this substantial increase in airfares would affect the following:
Compare the advantages as well as disadvantages of fee for service payments and a DRG-based payment system
Some real estate economists have argued that anchor stores in shopping malls create significant externalities for overall sales.
A group of firms in competitive market produced 20 units of a good when the market price was $2. They incurred no marginal cost. Eventually they realized the benefits they could get by teaming up and acting as a monopolist.
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next.
Illustrate what is the reserve ratio if the bank has $160 million worth of checking deposits, $32 million worth of reserves in deposits at its federal reserve district bank, and $8million worth of reserves in vault cash.
When there is deflation, as in inflation of -1%, the real interest rate that Herb pays (as compared to what he expected to pay): increases, so Herb feels poorer decreases, so Herb feels richer increases, so Herb feels richer decreases, so Herb fee..
Assume that a borrower and a lender agree on the nominal interest rate to be paid on a loan.
Illustrate what is the amount of the producer surplus for Juan Carlos combined.
Suppose a single parent can work up to 16 hours per day at a wage rate of $10.00 per hour. Various income maintenance programs have been developed to assure a minimum level of income for low-income families, such as Aid to Families with Dependent ..
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