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(Natural Rate of Unemployment) What is the relationship between potential output and the natural rate of unemployment?
a. If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is the natural rate of unemployment? Where is the economy operating relative to its potential GDP?
b. What happens to the natural rate of unemployment and potential GDP if cyclical unemployment rises to 3 percent with other types of unemployment unchanged from part (a)?
c. What happens to the natural rate of unemployment and potential GDP if structural unemployment falls to 1.5 percent with other types of unemployment unchanged from part (a)?
Compute the price, output, and profit contribution if the product is not certified. Compute the price, output, and profit contribution if the product is certified. Should the firm undergo the certification process?
Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.
What impact would you expect each of the following events to have on business cycles? Label each as a demand-side or supply-side shock. What economic policy changes might you expect in response to each of these events?
On their way to their chosen resturant, they see that the Mexican and French resturants are closed, so they use a Borda count again to decide between the remaining two restaurants. Where do they decide to go now?
Which of the following statements conforms to utility theory? In which market structure model may firms earn economic profits in the long run?
Rick buys a 1966 Mustang for $3,000, planning to restore and sell the car. He goes on to spend $9,000 restoring the car. At this point he can sell the car for $10,000. As an alternative, he can spend an additional $3,000 replacing the engine.
Write a critical commentary on the Stern review on climate change from the perspective of African nations. You can use case studies of one or more African nations.
Think the single-index model. The alpha of a stock is 0 percent. The expected return on the market is 12 percent. The risk-free rate of return is 6 percent.
Derive the mathematical expressions and determine the level of output where the average cost function reaches a minimum (the firmís capacity).
Suppose you are the Chief Economist of Antitrust Division of the Department of Justice. There is a single manufacturer of streaming video services that has a patent on technology so that no one else can give the service.
Given a 15% raise in a good's price and a 25% decrease in quantity demanded for good by consumer, which of the following types of elasticity best describes the demand curve for the consumer?
Find one example in the article of any one of the following four possible shifts of supply or demand: Leftward shift of the supply curve; Rightward shift of the supply curve. Leftward shift of the demand curve; Rightward shift of the demand curve.
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