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1. Consider the following description of the real sector of the economy:
Y = C + I + G
C = C0 + mpc x YD
YD = Y - T
T = T0 + tY
I = d - er
G = G0
Answer the following questions by rearrange terms and solve for r in terms of Y. We in fact place r on the vertical axis when we draw the IS-curve.
a. Draw the IS-curve. What is formula for the slope of the IS-curve, Δr/ΔY?
b. If e = 0, draw the investment curve and the IS-curve. What does this imply?
c. How is the slope of the IS-curve affected as e increases?
d. What happens when e = ∞? What does this imply?
suppose an economy is characterized by the standard cobb douglas production function in per capita terms yak ?? h 1-??.
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What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
Compute the level of money supply necessary to attain these values of P and Y. If the money multiplier is 10, how large an open market purchase or sale must the Fed conduct?
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Find the capitalized cost of a present cost of $330,273, annual costs of $41,182, and periodic costs every 5 years of $75,087. Use an interest rate of 10% per year.
Draw a diagram to show how a decline in the growth rate of the work force would affect the steady-state level of per-worker capital in the Solow growth model. Explain your diagram briefly.
Assume the United States government is planning changes in economic and social policy to decrease wage inequality.
If the cost of having the book typeset is $9,000, if the marginal cost of printing an extra copy is $4, and if he has no other costs, Calculate total revenue, total cost and profits at these Q* and P*.
Suppose that in a closed economy GDP is equal to 15,000, government purchases are equal to 3,000, consumption equals 10,500, and taxes equal 3,500. What are private saving and public saving?
Consider the market for political advertising during an election campaign. The private marginal cost of producing a political advertisement is PMC = 200 + 2q where Q is the quantity of advertisements, and the private marginal benefit (demand) curv..
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