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Consider an economy in which consumers have identical preference and income. The income is determined randomly and exogenously in each period. Consumers prefer smooth consumption over time. Production does not involve capital so that there is no investment. The government balances its budget each period by collecting a lump-sum tax to finance an exogenous amount of government purchases. Suppose this is a close economy. Will consumption be less volatile than income in the competitive equilibrium? Explain. Suppose this is a small open economy facing exogenously given price and interest rate in the international market. Will consumption be less volatile than income in the competitive equilibrium? Explain.
The cost function for Lilac Ltd.is given by TC = 500 + Q^2. It sells output in a perfectly competitive market and other firms in the industry sell at a price of $100.
c. What are the values for the own-price, income, and cross-price elasticities? d. If P increases by 5%, what would happen (in percentage terms) to quantity demanded? e. If M increases by 8%, what would happen (in percentage terms) to quantity demand..
Evaluate the individuals on your learning team, including yourself, based on the personality assessments. Evaluate the situation described above in terms of urgency, culture, and so forth. Determine leadership approaches to be used, based on individ..
how do we calculate the retail price index what are the problems of using the retail price index what are the advantages of inflation what are the disadvantages of inflation what are the remedies for cost-push inflation
Elucidate the difference among the statement "the money supply is fixed" and the statement "the money supply is exogenous".
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Suppose we have a random sample with 8 observations: x1=-2, x2=x3=-1, x4=x5=x6=0, x7=3, x8=8. Then density function of x is given by \(p(x)=0.5e^{-|x-\mu|}\) Find the maximum likelihood estimator for u.
As compared to high Japanese inflation may result in an increase in the supply of yen for sale
What is the federal reserve function of buying and selling government securities, which include treasury bonds, notes, and bills?
the products profits per unit output are .50 per gallon for gasoline and .75 per square foot for fiber.nbsp then the
Kimberly MacKenzie, president of Kim's Clothes Corporation, a medium-sized manufacturer of women's casual clothing, is worried.
If the economy characterized by the production possibilities table were producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources ?
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