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All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Market demand is Q = 110 - p.
(i) Calculate the equilibrium price, firm output, total output and number of firms in the industry.
(ii) How would these values change if a franchise tax of $75 were imposed on each firm?
(iii) What if a technical innovation were to reduce unit production costs to $5?
Write an equation that expresses the money supply multiplier (for M1) in terms of its three determinants.
Suppose that the economy is short of its full-employment (potential) level of GDP, assumed to be $14,000 billion, by $500 billion.
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
What kind of shocks could have caused this change to the money demand function? Determine the new interest rate and equilibrium level of output.
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Given the following predictions for nominal wage increases and productivity growth, state your forecast for inflation (assume this is all the information available to make the forecast).
Leisure-Time boats is a manufacturer of mid-to-high end boats with 12 sales territories throughout the U.S. Sales are generated by salespeople in each territory who develop relationships with boating distributors and related retailers.
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
What are the macro and micro problems? What systems are affected structural, psychosocial, technical, managerial, goals?
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