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Inflation and Aggregate Demand and Supply
Having problems with the three questions below.
1. Consider the following price information:
Year 1 Year 2
Cup of coffee $.50 $1.00Glass of milk $1.00 $2.00
(a) Based on the information given, what was the inflation rate between year 1 and year 2?(b) What happened to the price of coffee relative to that of milk between year 1 and year 2?
2. Why does the aggregate demand curve slope down? Give real-world examples of the three effects that explain the slope of the curve.
3. How is the aggregate supply curve different from the supply curve for a single good like pizza?
Assuming the phone company has to charge the same monthly rental fee and unit price to all its customers, at what level should it set these charges?
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Consider the following two good pure exchange economy: Alfred's utility function is U A (x, y) = min{x, y} and Bob's utility function is U B (x, y) = max{x, y}.
Draw a graph of the Batman family's supply of loanable funds curve fro 1999. Show the influence of this change on the Batman's supply of loanable funds curve.
Which of the following is the best example of a monopolistic competitor? Firms in a monopolistically competitive industry produce:
Explain when an economy ever pursue a contractionary fiscal policy.
Compute the income elasticity also elucidate how sale of the novels would change during a period of rising incomes.
Explain is low stable inflation also deflation better for the economy.
Which of the following strategies are used by businesses to capture consumer surplus? Nash equilibria are stable because
Assume that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed following levels of production corresponding to different numbers of workers:
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
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