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In the late 1990s a growing number of economists argued world policymakers were focusing too much on fighting inflation. Economists also argued the technical level of potential output had risen. Show their argument using the AS/AD model.
Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion in that year, how much output is being forgone because of cyclical unemployment?
Illustrate what will happen to the equilibrium level of income if investors become optimistic about the country's future and raise their investment.
Discuss the changing economic variables in China that influenced McDonald's expansion strategies.
Is there an externality? If so, describe it, including references to whether it is positive or negative, and whether it is a consumption or production externality. If there is an externality, does it seem likely that private markets will arise tha..
Economists often argue that a temporary increase in government purchases -say for military purposes-will crowd out private investment. Use the saving-investment diagram to illustrate this point, explaining why the curve(s) shift. Does it matter wh..
Assume you do not think that the statement does have any credibility. Illustrate what is the expected impact of the resulting policy on your business.
Determine Delta Company's output that minimizes cost per unit (ATC), the optimal price at this output and level of profits. Be sure to show whether your solution is a maximum or a minimum. B) Determine Delta Company's profit maximizing output (r..
Calculate GDP using each of the three approachesb. Calculate the current account surplus and GNP. If the coal producer is instead owned by foreigners, what is GNP?
Thomas Edison once complained that he was not making a profit selling light bulbs because his factories were operating 25 percent below capacity.
Suppose the Indiana Power Company wishes to maximize profits. The cost, demand and revenue functions have been determined and given below. Determine Indiana Power's profit maximizing price, output and level of profits. Q = output level, P = Pri..
Wall Street responded by increasing SkyWest's market valuation from $143 million to $1.1 billion after the arrangement was made. Explain, in economic terms, how this arrangement with Delta and United could have caused the value of SkyWest to incre..
Are chocolate and textbooks complements or substitutes for Jen? b. Calculate the income elasticity for chocolate. Is chocolate a normal good? 2c. Assume we observe the following: Qt = 5; pc = 2; pt = 2.
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