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Robert Lucas said: "In practice, it is much more painful to put a modern economy through a deflation than the monetary theory we have would lead us to expect. I take this to mean that we have ‘price stickiness.' " What does Lucas mean by "the monetary theory we have"? What events may have led Lucas to conclude that it is more painful to reduce the inflation rate than theory would predict? Why does he conclude that the U.S. economy apparently has "price stickiness"?
Consider a company that uses two inputs. The quantity used of input one is denoted by x_1 and quantity used of input 2 is denoted by x_2.
The recent merger of US Air with American Airlines received both national and local attention. The U.S. Department of Justice contested the merger on the basis that it would produce harmful monopoly-like behavior in many airline markets.
1-Explain why technological progress will, at best, only temporarily allow a perfectly competitive firm to earn an economic profit and what will happen to profit in the long run.2-If the same technological progress happens to a monopoly what will it ..
For a typical competitive firm, the price in the long run equilibrium will tend to: be greater than average cost, be equal to average cost, be less than average cost, intermediate
If college education generates a positive externality, show graphically the social loss associated with the private market outcome of college education. Are there any interventions that would be useful to address the externality
Name and discuss the four major theories that address the term structure of interest rates. In your discussion, indicate the strengths and weaknesses of each of the theories and which theory or theories appear to be the best accepted as explanations ..
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
Which of these is true about the marginal benefit / marginal cost to abatement and the total cost / total benefit to abatement graphs? (Multiple answers allowed) The graphs contain dissimilar information
the following three one-year discount loans are available to youloan a 120000 at a 7 percent discount rateloan b 110000
Third National Bank has reserves of $20,000 and checkable deposits of $100,000. The reserve ratio is 20%. Households deposit $10,000 in currency into a checking account at the bank and that currency is added to reserves. What level of excess reserves..
Using a graph, introduce a tax on alcoholic drinks in the market. How does this affect the individual firm, and the rest of the monopoly market? Differentiate between the long and short-run.Show this on a graph and explain
If you have access to the Interactive Edition of the Wall Street Journal, you can use the Briefing Books feature to obtain data on over 10,000 public companies. Use this feature to locate the briefing book on a large commercial bank in your area. ..
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