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Q1. Assume demand take the form Q = 36P-1.
a. Show that the price elasticity of demand is constant and equal to -1.
b. Write the total and marginal revenue functions
Q2. Given a scenario where government expenditures increase by $400, and taxes were decreased by $400, yet both caused the GDP to rise by more than $400. This may have occurred explain why?
Suppose that in the 1990's, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll. Based on this information, discuss industry concentration.
What is the difference between the index number for the year you were born and the Consumer Price Index for January of 2012.
Under monopoly, still with the price PW which is again label triangle of consumer surplus and the triangle of producer surplus.
What constant yearly rate of inflation would lead to the price rise observed over those two years.
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Repeat these calculations for the third, fourth, and fifth years, assuming that the Government taxes at a rate each year and has noninterest expenditures annually.
Calculate price, quantity and social surplus for the initial state and each policy.
The government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially before multiplier effects.
Suppose the interest rate lowered to 3.75%. What would be the market price of the bond.
A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees.
Does the aggregate demand-aggregate supply model support Bernanke's thesis.
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