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The short-run aggregate supply curve (SRAS) slopes
a) downward because firms can sell more, and hence will produce more, when prices are lower
b) downward because firms find it costs less to purchase labor and other inputs when prices are lower and hence they can produce more
c) upward because firms normally can purchase labor and other inputs at fixed costs for some period of time
d) upward because firms find that it costs more to purchase labor and other inputs when prices are higher and hence they must produce and sell more in order to make a profit.
We started the course with a look at NBER data on business cycles. Specifically, we saw prior to 1945 that recessions lasted on average about 2 years, and after 1945 the average recession was cut in half (to just under 1 year). Based on what you’ve l..
The owner of a professional football team increases ticket prices by 15%. At the same time the owner of a single-location hamburger restaurant raises the price of hamburgers by 15%. Which business is at more risk of losing money? Why?
Which of the following are the ideal conditions for a laissez-faire economy?
Suppose the model of Supply and Demand is used to make predictions about changes in the equilibrium price and the equilibrium quantity of corn. Suppose above-normal growing conditions (near-perfect weather, ideal soil moisture, no pest infestations,..
Of course it is a generalization but we are trying to examine its relevance to management theory and practice. The best practice is to formulate your reply in a Word document and upload it here. A one page answer, more or less, should do it.
Which types of firms would normally maximize profits along with real-life examples? A producer of ballpoint pens has been purchasing ink from an ink supplier and is considering acquiring the ink supplier. Would the pen company be more or less likely ..
1. Identify 3 businesses, corporations etc. which you feel most closely fit the definition of a monopoly. Be sure to include the 2 criteria that must be present to have a monopoly.
The Asian Disease Problem: Imagine that the United States is preparing for an outbreak of an unusual Asian disease that is expected to kill 600 people. Two alternative programs to combat the disease have been proposed. Demonstrate mathematically the ..
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,..
Earl sells lemonade in a competitive market on a busy street corner in Philadelphia. His production function is f(x1, x2) = x1^1/3 x2^1/3, where output is measured in gallons, x1 is the number of pounds of lemons he uses, and x2 is the number of labo..
q.the empirical demand function of product x is estimated asx 120 - 260.0p 0.05m - 2.50prwhere x is the predicted
Suppose the economy is producing below the potential level of output. If the Fed decided to use open market operations (OMOs) to bring about production at the potential level of output, will they buy or sell government securities? Illustrate your ans..
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