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1. Explain briefly how macroeconomics is different from microeconomics. How can macroeconomists use microeconomic theory to guide them in their work, and why might they want to do so?
2. During 1993 when the economy was growing very slowly, President Clinton recommended a series of spending cuts and tax increases designed to reduce the deficit. These were passed by Congress in the Omnibus Budget Reconciliation Act of 1993. Some who opposed the bill argue that the United States was pursuing a "contractionary fiscal policy" at precisely the wrong time. Explain their logic.
Define the assertions about account balances at the period end.
Let MUA = z = 10 ? x and MUB = z = 21 2y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B-that is, x + y = 1..
Figure 3-4 is a basic illustration of the Solow growth model. Interpret it, being careful to explain the meaning of the saving and investment requirement lines. Why does the steady state occur where they cross?
Assume that the objective function coefficient for X remains 8, but the objective function coefficient for Y changes from12 to 6. Does the optimal solution change. Use the graphical solution procedure to find the new optimal solution.
Given the production function Y=AK^0.3L^0.7 if output grows by five percent, the capital input grows by five percent, and the labor input grows by two percent, calculate the Solow residual. Calculate the growth rates of output per worker and capit..
Is the provision of public good ancient (according to the Samuelson rule)? Explain why or why not.
Figure 3.10 illustrates the derivation of an industry supply curve under competitive conditions where each firm receives the same price for its output. What is the relationship of this procedure to the equimarginal principle discussed earlier in t..
Assume that a monopolist considering to spend 500.000 usd on large campaign to promote the their products.The demand curves are defined by p = 150 - 3q, where q is the output-quantity in 1000-usd. By executing the campaign the firm expects the new de..
Draw the preferences by ranking the projects by alphabetical order from left to right.
the table below illustrates the market for internet services. use a demand-supplygraph to answer the following
calculate the convection heat transfer coefficient for R-22 for various values of quality assuming no nucleate boiling and the heat transfer rate per length
Three students have each saved $1000. Each has an investment opportunity in which he or she can invest up to $2000. The rates of return on the students' investment projects are: Harry: 5% Ron: 8% Hermione: 20%.
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