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Assume the 3 firms compete for market share over an infinite time horizon. Each firm takes the present value of 1 dollar tomorrow to be X dollars today, where 0 < X < 1. Show that there is an equilibrium where all three of the firms can collude with each other and obtain a higher average payoff over time than either one of them could individually in the game.
What was the cross-exchange rate between the Real and the Peso in 2001? Real____/Peso. What was cross-exchage rate between Real and Peso in 2002? Real_____/Peso.
Show that, with a linear demand curve, the imposition of a per-unit tax on a monopoly will cause price to rise by less than the tax. Would this be true for a constant elasticity demand curve?
Changes in government spending and interest rates
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
Explain why both marginal and average costs are believed to eventually increase in the short run.
Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.
Exchange and markets, Demand supply and market equilibrium
Explain all your answers below clearly, including brief definitions of each term.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
What is the value of the money multiplier? What is the value of the nomial money supply? What are the nominal values of deposits, currency and reserves?
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