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Suppose people expect higher inflation in the future. What are the short-run effects of this change in expectations on unemployment and actual inflation? How can monetary policy maintain the economy at full employment? If policy succeeds in maintaining full employment, what happens to inflation?
suppose thurston, a color blind consumer, has 80$ to spend on either lime green or pink sweater. Thurston does not care what color sweater her wears but deems it very important to buy as many sweater as possible with the 80 $. Pink sweater cost 20..
Production of widgets (W) uses labor (L) as its only input. The production function is given by W=F(L)=8*L^.5 and the marginal productivity MPL=4/L^.5. If widgets sell for $10, the price of labor is $8/hour, and there is a fixed cost of $25.
President Obama recently signed an executive order to protect up to 5 million undocumented immigrants from deportation. Is this good for the economy? Dems: Yes, Reps: No
Under pressure from lobbying groups, the President of a newly-independent country implements a minimum wage of $6/hour. The eq'm wage is currently $7/hour, eq'm Q of labor is 35 hours. Using generic QLS and QLD labels (if necessary).
A bulldozer can be purchased for $380,000 and used for 6 years, when its salvage value is 15% of the first cost. Alternatively, it can be leased for $60,000 a year. Remember that lease payments occur at the start of the year.
At input levels L=5000 and K=2400 the marginal product of labor is 100 and the marginal product of capital is 300. At this point, how much capital can be substituted for an additional unit of labor while holding output constant
Why are the marginal revenue numbers less than the price in the table on page 22-5? You can use either the original or the new MR numbers to answer this question. Note that this is different from pure competition, where P = MR. In other words
A firm believes the sales volume (S) of its product depends on its unit selling price and can be determined from the equation P=$100-S. The cost (C) of producing the product is given by equation C=$1000+10S.
Estimate the regression equation of wage on educ. Write down formally the regression equation with standard errors underneath within parenthesis.
The one-year real rate of interest is currently estimated to be 3 percent. The current annual rate of inflation is 2 percent, and market forecasts expect the annual rate of inflation to be 5 percent. Approximately, what is the current one-year nom..
Suppose that government expenditures are currently $700 billion and tax revenues are currently $550 billion. Assume further that the government estimates that if the economy were operating at full employment government expenditures would only be $..
In your second part of the essay, assume an economist estimates the present value of benefits (PVB) of the proposed policy to be $ 4.2 billion and the present value of costs (PVC) to be $ 5.6 billion. Is this proposal feasible? Explain briefly.
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