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By using clearly labeled AS and AS curves to illustrate your points, discuss the impacts of the following events on the equilibrium price level and equilibrium level of output in the short run.
(a) An expansionary fiscal policy with the economy operating near full capacity.
(b) A contractionaey monetary policy during a period of high unemployment and excess industrial capactiy.
(c) A strong hurricane destroys energy plants which cause energy prices to increase, assuming that the Fed attempts to keep interest rates constant by accommodating inflation.
(d) A contractionay fiscal policy supported by a coopoerative Fed acting to keep output from falling.
Characterize labor conditions in the new economy. Address the following: What working conditions do most people have? Who controls labor conditions?
What warnings with you give forecasters in using statistical demand equations for estimating consumer demand? How can the problems associated with using static equations in a dynamic world best be dealt with? Elaborate
The 2 major players in the disposable diaper market are Proctor and Gamble (40% of market) and Kimberly Clark (about 35% of the market). Both companies have undertaken costly research and development campaigns to gain a competitive edge- undercutting..
Assume that a country's per-worker production is y = k1/2, where y is output per worker and k is capital per worker. Assume also that 10 percent of capital depreciates per year (δ = 0.10).
Supply curve is given by L = 20w. What equilibrium wage rate and quantity is of labour hired. What is economic rent earned by workers.
Suppose that capital's and labor's shares at .3 and .7. What would the effect be of increasing the pool of labor by 10 percent? If the increasing labor is due to population growth, will the resulting increasing have an effect on people’s welfare?
Good X and good Y are complements. U(X, Y) = min (5X, 4Y). Price of X is $5 and price of Y is $4. The total income is $80. (a) Write the consumption ratio of good X and good Y. (b) Write the budget constraint. (c) What is the consumption bundle to ma..
Illustrate what is the name of this type of industry. What is firms and concentration ratio.
Consider the following scenario to understand the relationship between marginal and average values. Suppose Raphael is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns wi..
Explain the essential distinctions among the stages-of-growth theory of development, the Structural change models of Lewis and Chenery.
Why is a nation's real interest rate more important for international investors than the nominal interest rate? Explain the relationship between a country's interest rate and its exchange rate.
Elasticity-time! Calculate the elasticity implied by the information given (own-price, cross-price, or income), interpret the elasticity (“For a one percentage point change in…”), and tell me what the elasticity implies about the good or goods.
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