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For each of the following statements, specify whether a Keynesian, a monetarist, or a classical economist is most likely to support it, and explain in 1-2 sentences why. (Note: each economic view may be used more than once or not at all.)
A) “During a recession, government spending should be minimized. The Federal Reserve should focus on maintaining a constant growth in the money supply to help revive the economy.”
B) “Expansionary fiscal policy can help bring an economy out of a slump such as the Great Recession or Great Depression.”
C) “Markets should be left to correct themselves on their own, without any outside policy interventions.”
D) “Unemployment gravitates around a constant rate known as the Non-Accelerating Inflationary Rate of Unemployment, or NAIRU, implying a short-run trade off between inflation and unemployment.”
You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 250 − 40Q, and your cost function is C(Q) = 10Q. Determine the optimal two-part pricing strategy. How much additional profit do you earn us..
You can show that a tax on consumption is regressive using the Keynesian consumption function. Suppose C = 1000 + .5YD, and the government collects 10% of all consumption expenditures in taxes. Calculate the taxes paid by the household earning YD = 1..
Summarize Walt Disneys marketing mix based on one or several of the following elements: Product and branding strategies (appropriate service strategy if the company has a consumer orientation). Supply chain strategies (how they place the product in t..
If direct material and labor cost is not the major component in the cost structure, it is more appropriate to use activity based costing to allocate the overhead cost. By life cycle viewpoint, salvage value summarizes all the costs and revenues occur..
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
What is price discrimination and how is it used to increase a monopoly’s profit? Explain how consumer surplus changes when a monopoly price discriminates. Explain how consumer surplus, economic profit, and output change when a monopoly perfectly disc..
The Johnson Robot Company's marketing officials report to the company chief executive officer that the demand curve forth company’s robots in 2004 is-At what prices is the demand for the firm's product price elastic? If the firm wants to maximize its..
Suppose the price of airfare from SFO to JFK increases from $330 to $360 while no other variables change. In consequence, the quantity of tickets sold decreases from 180 to 140. Calculate the absolute value of the price elasticity of demand. (Hint: u..
Where does the national unemployment rate stand relative to the Natural Rate of Unemployment
Which of the following statements regarding a price-taking firm is correct?
Assume that the high costs of performing cause the promissory to breach a contract and pay perfect expectation damages to the promise. Would the promise have preferred that the promissory perform? Explain the gain in total payoffs from allowing the p..
Suppose an olligopoly consists of two firms Firm A lowers price and Firm B responds by lowering its price by the same amount. If averages costs and industry output remain the same, which of the following what will occur
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