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You need both equations and clearly labeled graphs. Assume that b=1/2 and that initially the real interest rate is equal to the marginal product of capital at 3%. As well, assume that v=2 and that the inflation rate last period was 2%. Assume the natural rate of unemployment is 5.5%.
a. The Sequester is probably a bad idea. Use the IS-MP model we developed in class to explain what should happen to the economy if the government cuts spending by 1 percentage point of potential GDP.
b. How much can we expect this to increase the unemployment rate? (no need for a graph)
c. How much will this change inflation? What will the inflation rate be in the period of the cuts?
d. What was the nominal interest rate last period (before the cuts) if the real rate was equal to the marginal product of capital.
e. What happens to the real rate of interest this period (after the cuts) if the Federal Reserve does nothing to change the nominal rate. What will this do to the economy? Remember that the government has cut spending in question 2a.
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a. Does this production function have constant returns to scale? Explain b. What is the per-worker production function, y=f(k)?
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Explain why supply is more elastic in the long run and explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
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suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater
Forecast the data for 2000 again in problem 1 with exponential smoothing with w=0.3 and w=0.7. Compare RMSEs for moving average and exponential smoothing forecasts to answer if this is a better forecast than the moving average?
Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.
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What effect on the price elasticity of demand for commuter rail is there probable to be from a decrease in the price of gasoline? Explain.
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