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You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms). You are concerned about two events you recently learned about through trade publications (1) the overall market supply of nails will decrease by 2 percent, due to exit by foreign competitors; (2) due to a growing U.S> economy, the overall market demand of nails will increase by 2 percent. Based on this information, should you plan to increase or decrease your production of nails? Explain
What is the main policy message of the AS-AD model, and how does it relate to the 1930s Keynesian revolution in economic theory? What should today's policy-makers assume about the natural rate of unemployment?
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
Answer whether the following statements are true or false, explaining your answer in each case.
Explain why you would be more or less willing to buy a share of Apple Computers stock in the following situations:
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.
Assume that the graph on the next page illustrates the marginal, average variable and average total cost curves of a typical coffee grower-Assume that the current market price at the wholesale level is $5 per pound. How much coffee will this typica..
Demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
What happens to his consumption of Y? Calculate the coefficient of price elasticity and of cross price elasticity. Also draw the demand curves for X and Y, noting the equilibrium points for this consumer before and after the price change in X.
A firm uses a single plant with costs C = 160 + 16Q + .1Q 2 and faces the price equation-Find the firms profit maximizing price and quantity. What is its profit?
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