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Freedonia, a legendary country:
(1) Consumption function: C = 1000 + 0.95Y
(2) Investment function: I = 400
(3) AE = C + I
(4) AE = Y
a. What is the marginal propensity to consume and the marginal propensity to save?
b. Solve for equilibrium income.
c. Suppose the second equation is changed to I = 500. What is the new equilibrium level of income? How much does the $100 increase in investment change equilibrium GDP?
d. Calculate the saving function.
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Each of these customers will buy at most one diamond-and only if the price is just equal to, or lower than, her willingness to pay. Raquel's willingness to pay is $400; Jackie's, $300; Joan's, $200; Mia's, $100; and Sophia's, $0.
Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P=600-QC-QD QC and QD are the quantities sold by the respective firms and P is the sellin..
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1. Assuming that the input price is w = 1, compute the (short-run) competitive equilibrium price and quantity for any fixed number of firms, n. 2. Compute the long-run competitive equilibrium price and quantity.
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