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1. Suppose the Economy has the following relationships in the Goods Market?
C = 160 + 0.7*( Y – T ) + I + G
I = 150
G = 150
T = t1* Y, where t1 = 0.1
a.) Explain the tax system in this country?
b.) Solve for Equilibrium GDP (Y). Assume NX = 0
c.) What are C and Yd, and T?
As compared to high Japanese inflation may result in an increase in the supply of yen for sale
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them,solve the social planner's problem and show the equations ..
Ajax Cleaning Products is a medium sized company operating in an industry dominated through one very large firm-Tile King. Ajax manufacture a multi-headed tunnel wall scrubber that is similar to a model produced by Tile King.
One-tenth of the participants produce over one-third of the output. increasing the number of participants merely reduces the average output." if this statement were true, would it be consistent with the law of diminishing returns?
The following is a list of figures for a given year in billions of dollars. Calculate the GDP and NI.
When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quantity offered for sale rises from 400,000 to 600,000. What is the price elasticity of supply? 2. When the price of wheat rises from $2.34 to $2.46, some farmers switch cr..
For which of the subsiquent items will the advertising elasticity of demand be relatively higher.
If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, illustrate what combination of the three products should be purchased in order to maximize utility.
If average total cost is declining, then: A. marginal cost must be greater than average total cost. B. the average fixed cost curve must lie above the average variable cost curve. C. marginal cost must be less than average total cost.
Suppose the price of housing increases to 3, but the price of food stays at 10. Rewrite Jane's budget constraint and draw it on a graph. Now suppose the price of housing decreases to 1. Rewrite her budget constraint again.
A trendy French restaurant is one of the first businesses to open in a small corner of a commercial building still under construction. The restuarant has received rave reviews and has lines of diners waiting for tables most nights.
A company in a purely competitive industry is currently producing 1000 units a day at a total cost of $450. If the firm produced 800 units per day, its total cost would be $300.
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