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Suppose that an economy has the Phillips curve p = p-1 - 0.5(u - u^n),and that the natural rate of unemployment is given by an average of the past two years' unemployment:u^n = 0.5(u-1 + u-2).
1) Why might might the natural rate of unemployment depend on recent unemployment (as is assumed in the preceding equation)?
2) Suppose that the Fed follows a policy to permanently reduce the inflation rate by 1 percentage point. What effect will that policy have one the unemployment rate over time?
3) What is the sacrifice ratio in this economy? Explain.
4) What do these equations imply about the short-run and long-run tradeoffs between inflation and unemployment?
Suppose that your rich uncle has $1,000,000 that he wishes to distribute to his heirs at the rate of $100,000 per year. If the $1,000,000 is deposited in a bank account that earns 6% interest per year, how many years will it take to completely dep..
Currency held by the public is 1000 sheckels, bank reserves are 200 sheckels, and the desired reserve-deposit ratio is 0.2. What is the money supply How is the money supply affected if the central bank prints 100 sheckels
The table below illustrates values for consumption spending, saving, and planned investment in a closed, private economy. Aggregate Output Consumption Saving Planned Investment Planned Aggregate Unplanned Inventory Change Expenditure (GDP = Y) (C) ..
The income elasticity of demand for clothing is estimated at +0.5. What would you expect to happen to clothing revenues when incomes are rising When incomes are falling Is the effect stronger or weaker than the movie industry results
Consider a model of the influence of the average number of cigarettes the mother smoked per day during pregnancy on infant birth weight. The following simple regression model was estimated with data on n = 1388 births.
Real Disposable Income Planned Real Consumption 0 3,000 2,000 4,400 4,000 5,800 6,000 7,200 8,000 8,600 10,000 10,000 12,000 11,400 14,000 12,800 Refer to Table 12.1. The table gives the combinations of income and consumption.
One question that arose during the meeting was about how the firm's profitability in their toothpaste division would be impacted by the expansion. The Board asked you to assess the profit potential using marginal analysis.
Consider the following total benefit (TB) and total cost (TC) functions and the corresponding marginal benefit (MB) and marginal cost (MC) functions: TB = 150 + 28 Q - 5 Q2 MB = 28 - 10 Q TC = 100 + 8 Q MC = 8 generally MNB = MB - MC. Derive the eq..
Value Lodges owns an economy motel chain and is considering building a new 200-unit model. The cost to build is estimated at $8,000,000; estimates for motel furnishings will cost an additional $700,000 and will require replacement every 5 years. A..
When disparities exist from census information, housing starts data and other research data when seeking for information to help with predicting the power tool market
Assume that an individual consumes two goods, X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other good. The price of X and Y are respectively $40 and $60. Use the following table of total ..
Enrollment at City University is increasing 3% per year, its cost per credit hour is increasing 8% per year, and states funds are decreasing by 4% per year. State funds currently pay half of the costs for City U., while tuition is required
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