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Suppose for every dollar change in household wealth, consumption expenditures change by $0.05. If real household wealth declines by $45 billion, potential GDP is $120 billion, and the multiplier effect for the first year after an expenditure shock is 1.4, what is the total change in output relative to potential for the first year?
Suppose a representative firm with total costs given by the expression TC = 100 + 4q + q2 operates in a perfectly competitive market for avocadoes, where q is the quantity of avocadoes in bushels. What is the long run equilibrium price? What is the s..
Victor Finick likes to have the same amount of x as he has of y. His utility function is U(x, y) = min{2x - y, 2y - x}. a. Draw the indifference curve for Victor that passes through the bundle (0, 0) and the indifference curve that passes through (4,..
When the marginal cost of producing one output is reduced when the output of another product is increased this is called:
Describe the key structural differences between the economies of the United States and China. What are the main sources of economic growth in each of these economies? How do these differences impact the countries' economic growth rates? Identify and ..
Why does the government intervene in the economy? Should they and what would the impact be if they did not?
Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. What are the profit-maximizing price and output levels? Explain them and calculate algebraic..
Explain a situation in which the outcomes of classroom experiments deviated from standard economics theory. What insights were learned from these outcomes and how are they incorporated into the standard theory they attempt to model?
Firm x develops a new product and gets a head start in its production. Other firms try to produce a similar product but discovers they have higher average total cost than the existing firm. This situation illustrates what
Discuss how health can be classified as a “consumption” good as well as an “investment” good?
If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output. Illustrate what is the firm's Total Revenue.
In the fall of 2002 the Fed voted to decrease the federal funds rate target on several different occasions, reducing it from 3% to 1.75%. What action in the "open market" would the Fed's trader have had to take, other things equal, in order to induce..
If neither signs, both receive a because the professor does not have sufficient evidence to prove cheating. Draw the payoff matrix. Which outcome do you expect? Why?
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