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1. Under what economic circumstances might economists recommend fiscal intervention in a market economy?
2. Explain, using appropriate diagrams, how fiscal policy might be used to combat
(a) an inflationary gap, and
(b) a deflationary gap, in the economy.
Using the answers to parts a and b, state the decision problems of the two governments when they act as independent ‘‘leviathans'' and attempt to maximize revenue. What is the equilibrium level of taxes?
Table 22.4 shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2?
Suppose advancing technology (e.g., the miniaturization of electronic circuits) increases the productivity of the 90-laborer workforce by 20 percent. Draw a third production possibilities curve (PT) to illustrate this change.12
Suppose a monopolist faces the following demand curve: P = 90 - 2Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. A) What is the monopolist's profit maximizing level of output B) What price will the pro..
Assume that output per unit of labor is related to the capital-labor ratio by yt = r log(kt); and that saving is a fixed proportion, s, of output.
1. from each according to his ability to each according to what he or she produces is an example ofa. a democratic
How are Callaway and Nike attempting to maintain economic profit? Draw a graph to illustrate Callaway's or Nike's short-run economic profit in the market for golf clubs for women.
New technology has increased the productivity of solar panel producers.
Given: 1 pound of fertilizer (F) produces 20 Spinach plants and 1 pound of Manure (M) produces 300 spinach plants. The price of F=$5 and price of M=$10. Suppose we want to produce 300 spinach plants at the lowest cost possible.
You learn that the demand curve facing a monopolist can be written as P = 100 - 5Q, and the monopolist's marginal costs are constant at MC = 60. There are no fixed costs. Write down the equation of the marginal revenue curve for this monopolist.
the manager of a local sporting goods store and recently purcahsed a shipment of 60 sets of skis and ski bindings ta a total cost of $30,000 (your wholesale supplier would not let you purcahse the skis and bindings seperately, nor would it let yoo..
The private firm has a TEP level that is three times as high as the SOE: Ap = 3x As x the production functions are Yp=Ap x Np and Ys=As x Ns, where Np+Ns=1. The SOE employs three quarters of the work (Ns=3/4).
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