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Price Quantity Demanded $200 1000 $150 1400 $100 1800 If price falls from $200 to $150, A. Arrows representing the price and quantity effects both point down. B. An arrow representing the price effect points down and is longer than an arrow for the quantity effect. C. An arrow representing the price effect points down and is shorter than an arrow for the quantity effect. D. Arrows representing the price and quantity effects both point up. E. Total revenue moves in the same direction as the arrow representing the price effect.
The government wants to run expansionary fiscal policy (deficit spending) to achieve full employment. For this purpose, the government wants to provide each unemployed person with a low wage job. Calculate the amount of additional deficit spending (i..
By how much did the disposable income of rich people decrease as a result of the 2012 hike in the top marginal tax rate from 35 to 39.6 percent? Assume they have $2 trillion of gross income in the highest bracket.
Last week, jorge purchased a $45 ticket to a soccer game scheduled for this Thursday. If he attends the game, he'll miss three hours of work, where he's paid $15per hour. While he can't return the ticket, he can resell it online for $30. Attending th..
US consumption expenditure includes
Utility function of Inzaghi is given as u(x, y) = 2x2y. His income is $m, to spend onconsumption of x and y. Assume that price of y is 3 times the price of x, i.e. Py = 3Px. State the optimization problem for Inzaghi, including the constraints. Deter..
Explain how does the subsidy affect consumer surplus, producer surplus, tax revenue, and total surplus. Does a subsidy lead to a deadweight loss. Explain
"The principle of the invisible hand asserts that self-interest behavior on the part of resource-owners leads inevitably to chaos" true or false, why?
“When the firms in a perfectly competitive industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will immediately s..
Fiscal approach was expansionary because the full-employment budget deficit increased from one yr to the next.
Suppose that the U.S. the demand for phones is given by P=700-Q that the supply is given by P=200+Q. In Korea suppose the demand is given by P=600-Q and supply is given by P=50 + (Q/2). Please regard phones as a homogenous product. Prices are all in ..
Lee Inc, is considering a robot that will cost $6,000 to purchace. At the end of it 9 year life, it salvage value will be $1,000. The robot will need to overhauled in year 5 at a cost of $3,000. O&M costs per year will be $1,000. The robot will gener..
Assume fixed exchange rate and that the surrounding world’s nominal interest rate is 3 percent. What rate must the central bank set if… Investors see a 50-percent risk that the country’s currency will be devalved with 10 % the coming year. Use the I..
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