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You are the manager of a midsized company that assembles personal computers. You purchase most components-such as random access memory (RAM)-in a comptetitve market. Based on your marketing research, consumers earnings over $75,000 purchase 1.3 times more RAM than consumers with lower incomes. One morning, you pick up a copy of The Wall Street Journal and read an article indicating that a new technological breakthrough will permit manufacturers to produce RAM at a lower unit cost. Based on this information, what can you expect to happen to the price you pay for radom access memory?Would your answer change if , in addition to this technological breakthrough, the article indicated that consumers incomes are expected to grow over the next two years as the economy pulls out of recession? Explain.
You are planning a short-run production function for your firm, and you have collected the following data on labour usage and output: Calculate estimates of total. Average, and marginal products when the firm employs 23 workers
When will the Fed want to raise the Federal funds rate? What is the ultimate effect on real GDP and the inflation rate from raising the federal funds rate?
Assume that the United States economy is in long-run equilibrium with an expected inflation rate of 4 percent and an unemployment rate of 6 percent. The nominal interest rate is 9 percent. Using a correctly labeled graph with both the short-run and..
The first step in comprising the value of this stock today, is to compute the value of the stock when it reaches constant growth in year.
Explain why user cost, or scarcity rent, arises in the intertemporal allocation of a depletable resource such as minerals, and some types of energy and aquifer water resources.
List four reasons why analyzing the economy is not as precise as the multiplier model makes it appear.
Make an example of a comparative advantage model by 'choosing two countries and two products.
Describe by what percentage would a 10% rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
Imagine two naton , Glacierland, and Swampland. Glacierland is producing everything at a lower absolute cost than Swampland. If the two countries trade what is the reason.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
What is meant by the Golden Rule and use the Mankiw Golden Rule graph to discuss whether this increase in the US s would have any effect on the GR variables of interest.
Discuss perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings. Additionally, how does the proliferation of global trade and competition contribute to markets moving more awa..
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