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Suppose, in the Friedman-Lucas money surprise model, that there are money demand shocks and shocks to total factor productivity. Neither private sector economic agents nor the central bank can observe money demand shocks directly. Private sector economic agents cannot observe productivity shocks. However, the central bank can observe productivity shocks. How should the central bank conduct monetary policy? Discuss.
Suppose that the market demand curve for a new drug is represented by P = 100 - 2Q, where P is the price in dollars per dose and Q is the annual output. (The marginal revenue curve is MR = 100 - 4Q).
Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrow from one of them. You only receive 6 percent on funds you have deposited in the bank. Do the opportunity costs of borrowing and using your own funds differ i..
In the endogenous growth model explain why per capita income levels do not necessarily converge across countries, even when countries are initially identical except for human capital levels.
Your answer should demonstrate that the prices that are used to calculate real GDP do affect the calculated growth rate, but typically not by very much.
Appalachian Coal Mining believes that it can increase labor productivity and, therefore, net revenue by reducing air pollution in its mines. It estimates that the marginal cost function for reducing pollution by installing additional capital equip..
Does the median voter theory explain voters' rejection? If California lowers the highest tax rate to below the current 10.5 percent and cuts some free benefits, how might California's Lorenz curve change?
calculate the present value of the stream of services.
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce).
Explain how the Federal Reserve policy makers effect interest rates. Describe the difference between expansionary and contractionary rules.
Calculate the present value of your costs if you continue to drive the Oldsmobuick for another five years. Assume that you purchase a new Prius at the end of the fifth year, and that a Prius still costs $25,000. Also assume that fuel is paid for a..
Does a monopolistic competitor produce more or less output as compared to an efficient level of production Explain. What are the benefits and drawbacks of this Should the government intervene to alter this
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