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Suppose the price of capital falls relative to the wage rate and, as a result, the demand for labor increases. Are these inputs gross substitutes, or are they gross complements? What can you infer about the relative strengths of the output and substitution effects?
Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity?
Participate in a discussion with your classmates regarding where you see the U.S. economy in its business cycle right now, as based on the economic concepts in the textbook. Review the “EYE on Your Life” caption titled, Using the AS-AD Model, on page..
Hemingway's Hot Dogs sell for $2.00 each. The hot dogs cost Hemingway $0.95 and commissions are $0.15 per hot dog. How many dogs must Hemingway sell if his fixed costs for the stand and rent are $3,500?
If deficit spending "crowds out" some private investment, could future generations be worse off? If external financing eliminates crowding out, are future generations thereby protected?
elucidate how many popsicles will be sold each day in the short run if the price rises
1) Why is it possible to change real economic factors in the short run simply by printing and distributing more money? 2) Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1-7% regularly.
suppose in a country the real growth rate is 4 and the real interest rate is 6.a calculate the constant debt-gdp ratio
Suppose the Federal Reserve begins to increase the supply of money at an increasing rate. What impact would that have on GDP, unemployment, and inflation? Would a shift of AD to the right tend to make the equilibrium quantity and price level higher o..
A packing company uses two inputs: labor and glue. Suppose the work costs $ 10 / hour (salary) and the glue costs $ 5 / gallon and that the company has a budget of $ 100,000. Draw the line on lined paper isocost for the company. In the same diagram, ..
The market in part b is probably most similar to the market for which of the following? (e1) gasoline in NY State during a year; (e2) tablets of a generic medication produced by more than 20 firms during a two-year period; (e3) wholesale fresh tuna o..
What is the impact of the following factors on the optimal method of procuring an input. Benefits from specialization. Bureaucracy costs. Opportunism on either side of the transaction. Unspecifiable events. Bargaining costs.
The normal supply and demand models take the supply and demand of a particular good and show that the equilibrium price is where the two curves intersect. How do we reconcile both of these observations?
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