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Suppose there is an increase in supply (rightward shift in supply). Consider two graphs. In Graph [X], demand is relatively inelastic. In Graph [Y], demand is relatively elastic. Which of the following is true? Drawing graphs will help.
In each of the following cases, either a recessionary orinflationary gap exists. Assume that the aggregate supply curve ishorizontal so that the change in real GDP arising from a shift ofthe aggregate demand curve equals the size
Suppose you have a limited money income and you are purchasing products A and B whose prices happen to be the same. To maximize your utility you should purchase A and B in shuch amounts that?
defendo has decided to introduce a revolutionary video game and as the first firm in the market it will have a monopoly
what is the difference between a change in demand versus a change in quantity demanded? a change in supply versus a
A town in the middle-of-nowhere is built up around a large 100 meter hill. Since the hill is in the center of a town, it is proposed at a town-hall meeting that a water tower be placed at the top of the hill
a. An increase in government purchases.
Describe the method of contingent valuation for measuring the economic impact of crime. What are the advantages and disadvantages of this method relative to trying to measure the cost of crime directly
Describe how an open market sale of T-Bills, carried out by the central bank, affects interest rates, the banking system and real economic activity
If the demand for money becomes more insensitive to changes in the interest rate, equilibrium in the money sector will have to be restored mostly through changes in income. This implies a flat LM-curve.” Comment on this statement.
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
the individual demand for a slice of pizza is given by qd 6 - p. assume the marginal cost of a slice of pizza is
Within your supplemental readings for this semester, there are several discussions of the Keynesian multiplier. In the minds of the critics that you read, which is not a deficiency of the multiplier concept
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