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Question: A positive oil shock: Suppose scientists discover a new way to extract oil from deposits that were previously thought to be unrecoverable. The extra supply of oil leads oil prices to decline by $5 per barrel. Explain the effect on wages, the employment-population ratio, and unemployment - all for the overall economy.
How long will it take for your money to double? Show your calculations. You are not allowed to use any approximation formulas, such as the "rule of 70". Round your answer to 5 decimal places.
1. Explain whether each event changes the quantity of real GDP supplied, short-run aggregate supply, long-run aggregate supply, or a combination of these.a. Car-makers in Australia switch to a new technology that raises productivity.
Suppose that Madelyn always divides her annual jewelry budget between earrings (good x) and necklaces (good y) such that she always spends 40% of her budget on earrings per year. Furthermore, the current price of a pair of earrings is $10, the curren..
Find the optimal solution for a GP using the results from part a as target values, assuming that she places about two-thirds more emphasis on minimizing risk than on the other objectives.
There are two mutually exclusive proposals for a for a flood control project in Illinois. The first proposal involves an initial outlay of $1,350,000.
The official poverty rate in 2010 was 15.1 percent-up from 14.3 percent in 2009. This was the third consecutive annual increase in the poverty rate. Since 2007, the poverty rate has increased by 2.6 percentage points, from 12.5 percent to 15.1 per..
Construct a scatterplot of y = percentage who said they were more likely to purchase and x = grade. Does there appear to be a linear relationship between x and y? Find the equation of the least-squares line.
Why is comprehensive income an application of proprietary theory?
Determine the residual demand Intel facts after accounting for the quantity supplied by the competitive fringe for any level of price and how many P80 chips will Intel supply per month?
Find the dollar value of a per-unit gasoline tax that would achieve the efficient solution, and calculate the tax revenues generated to the gov- ernment as a result.
one of the trends marking the continuing transformation of the u.s. health care industry is the dramatic increase in
How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?
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