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1. Please explain and discuss how the following tools of monetary (a) discount rate, (b) reserve ratio, (c) open market operations impact the economy.
2. Suppose that you are a member of the Board of Governors of the Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle. What monetary policy would you recommend? Please explain your answer.
Compute the short-run profit maximizing level of labor and capital demand. Compute the long-run profit maximizing level of labor and capital demand.
Suppose that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers:
Calculate the equilibrium real wage rate and the equilibrium quantity of labor. Suppose that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0. Compute the real wage rate.
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Suppose you are reviewing an isocost graph. The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.
Suppose the level of autonomous expenditure, which we could call A, rises by AA. What is the effect on the level of equilibrium national income?
Given the data of real disposable income and real consumption, draw consumption function, determine the slope-What is the marginal propensity to consume?
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Price Discrimination: Assume that United Airlines knows that it faces the following demand equations and corresponding marginal revenue equations for its (one-way) SFO to Las Vegas route
Suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater supplies in a watershed by 60% from current use levels.
The price per unit remains $7.50 in both scenarios. Does the labour analyst's argument hold? Explain why or why not, and use data to prove your point. (Hint: calculate total costs in both circumstances).
Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.
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