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Suppose money demand depends on disposable income, so that the equation for the money demand becomes (M/P)^d = L(r, Y-T).
(a) Analyze the effects of a tax cut in an IS-LM model. How does the tax cut shift the IS curve and the LM curve? How are equilibrium interest rate and level of income different from its original level?
(b) Analyze the effects of an increase in the government purchase in an IS-LM model. How does the increase in government spending shift the IS and the LM curve? How are equilibrium interest rate and level of income different from its original level?
Please answer the following questions and attach your answer as a word document. You may use the book to help craft your answer and there is no time limit other that it is due not later than the end of day, February 21, 2016. What is an economic ren..
answer both question 1 and 2question 1consider an investor who has the von neumann-morgenstern utility
As you know, airlines practice price discrimination by charging leisure and business travelers with different prices. They could do so because of the different elasticity of demand between these two groups of travelers. Different customers pay varyin..
In which of the three market arenas is each of the following goods traded?
In an intertemporal l decision-making context, the real interest rate is considered as the price of today’s consumption relative to future consumption. The empirical fact that the labor supply curve is upward sloping suggests that the substitution ef..
determine the amount at time 0(now) equivalent to the cost of owning and operating the machine for the next five year period. It is anticipated that the machine can be sold for $1000 at the end of the five year period. Use an interest rate of 10%.
The cost of building a new high speed railway system is reported to be high at 25 billion. Does it necessarily follow that the high speed railway is not worth building?
Illustrate what is each firm's equilibrium output and profit if they behave noncooperatively. Use the Cournot model. Draw the firms' reaction curves and show the equilibrium.
A war in the Middle East takes the most cost efficient oil fields out of production for several years. Describe what would happen to the oil market during the war. A tanker runs aground in Alaska, cutting off 5 percent of the world’s oil supply. At t..
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week.
Suppose the price level and value of the U.S. dollar in year one are 1 and $1, respectively. If the price level rises to 1.20 in year two, what is the new value of the dollar?
When a TV company chooses a pay-per-view scheme to pay for programming, which of the following is true, false or uncertain? Explain carefully in each case. Most of the marks will be awarded for the clarity of your explanation.
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