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Consider an economy described by the following set of equations:
C = 120 + 0.80DI
I = 320
G = 480
(X - IM) =-80
T = 200 + 0.25Y
Find the equilibrium level of GDP. Next, find the multipliers for government purchases and for fixed taxes. If full employment comes at Y 5 1,800, what are some policies that would move GDP to that level?
Glassworks and Clearsmooth compete in the local market for windshield repairs. The market size (total available profits) is $10 million per year. Each firm can choose whether to advertise on local television.
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