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Assume that GDP (Y) in a closed economy is 6,000. Consumption (C) is given by the equation C = 600 + 0.6(Y – T). Investment (I) is given by the equation I = 2,000 – 100r, where r is the real rate of interest in percent. Taxes (T) are 500 and government spending (G) is also 500.
a. What are the equilibrium values of C, I, and r?
b. What are the values of private saving, public saving, and national saving?
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Suppose a firm's short run total cost curve can be expressed as STC (Q) = 50Q + 10. Calculate the firm's short run-average total cost curve and average variable cost.
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You have made arrangements to borrow $1,000 now and another $1,000 three years from now (End of Yr 3). The obligation is to be repaid at the end of four years. If the projected interest rates in years one, two, three, and four are 10%, 12%, 12%, and ..
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The minimum wage is typically set above the market-clearing wage in the market for labor. Using a graph with an upward-sloping supply of labor, a downward-sloping demand for labor, with the quantity of labor measured on the horizontal axis and the wa..
Explain two distinct factors through which geography can affect a country's income and prosperity. For both of these factors described in part A, discuss whether you think the effect of these on a country's income is fixed over time or whether the ef..
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