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Suppose that in Wageland all workers sign annual wage contracts each year on January 1. No matter what happens to prices of final goods and services during the year, all workers earn the wage specified in their annual contract. This year, prices of final goods and services fall unexpectedly after the contracts are signed. Answer the following questions using a diagram and assume that the economy starts at potential output.
a. In the short run, how will the quantity of aggregate output supplied respond to the fall in prices?
b. Illustrate what will happen when firms and workers renegotiate their wages?
Assume interest rate levels rise to the point where such bonds now yield 12 percent. Illustrate what should the U.S. Congress also the Federal Reserve do about it.
Find the value of the test statistic (to 3 dec pl). Can we conclude that the proportions have changed during the year.
Illustrate what is the equilibrium cost of a car stereo also illustrate what is the equilibrium quantity of car stereos per day.
Explain how many histories/game tree nodes are there where P2 has to move? P1.
wants to produce 1,000 more garments of clothing, so the economy moves from point A to point B. Illustrate what is the opportunity cost of 1,000 garments of clothing in the range between points A and B.
Make sure to make available examples of real world to strengthen your position of wherever this might be case
Impacts on currency markets and on economic conditions within the country and globally.
Explain why a weaker dollar could involve the UK balance of trade deficit.
Illustrate what were you thinking about the economy in 2005 and did you ever foresee a crisis of this magnitude. What policies could you have suggested to avoid the impending economic crisis.
What can you determine about consumer demand for your product from this information.
Compute the numerical elasticity of long-run demand. Is it unitary, elastic, inelastic, etc. Explain why would consumers demand 0 minutes in the long run if the price was $.30 per minute.
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
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