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The marginal propensity to consume in an economy is 0.8. If the price level is fixed, a $400 increase in net exports would be expected to increase real GDP by how much? 2) Now suppose that the economy is known to be at a level of GDP that above full employment and that the price level in not fixed. If the short-run aggregate supply curve (SRAS) is positively sloped, what the most likely effect of the increase in net exports? Aggregate demand will a) increase b) not change. Real GDP will increase or decrease by how much?
Two identical firms, Firm 1 and Firm 2, compete in quantity in a market where inverse demand is P(Q) = 100 − Q and there exists a constant marginal cost of 20 per unit. Find the Stackelberg equilibrium. Find the Cournot equilibrium
Why do pork also lamb have comapritively high price elasticities of demand compared with the other foodstuffs in the table.
If technological change shifts the long-run aggregate-supply curve to the right, it will also do which of the following?
What will happen in the international market for gold if news of war causes buyers and sellers to expect high gold prices in the future? Provide a brief narrative explanation.
Assume that a painter produces 20 paintings this year and 20 paintings next year. What is the annual change in nominal GPD if the price of paintings rises from $1,000 this year to $1,500 next year? Can you conclude that the economy grew from this yea..
If we think about a model over time (dynamic), would depletion (production) from a non-renewable resource, we wouldn't have a traditional, static supply curve that is completely based on price. Would the classic demand curve still apply?
Marvin has the utility function U(N, B) = 4N1/2 + B. If Marvin is initially consuming 64 units of nuts (N) and 10 units of berries (B), then what is the largest number of berries that he would be willing to give up in return for an additional 17 unit..
Consider the subsequent cost relationships for a single-product Is there a minimum efficient scale of plant implied by these cost relationships
Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted by M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = m5 B5 and wants to produce 10 barrels of pale ale this week. How..
find out that the exchange rate for your U.S. dollar has decreased relative to the euro. If you were a U.S. citizen or resident, are you pleased.
q1. dynamic rather than static demand and supply conditions are typically observed in markets of real world. hence
Supposing you want to see how student perception about civic engagement change in college. You collect data on first year students in 2010, and then collect data from the same students in 2014, their senior year. Does your data have limited dependent..
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