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A mortgage company lends the Miller family $100,000 to buy a house worth $105,000. During the next year, there is deflation and all prices, including house prices, unexpectedly fall by 10%.
1. After the first year, who is better off?
2. After the first year, who is worse off?
3. What if the deflation continued for a number of years-do you think the Millers would be able to pay off their mortgage? Why or why not?
If the unemployment rate stays two percentage points above full employment for an entire year, a. How many jobs will be lost in a labor force of 160 million b. If the average worker produces $100,000 of output, how much output will be lost
To simplify the computations, suppose the cost of production is zero for both products. You have estimated that there are three types of customers, I, II, and III, who buy the products of the firm. There are 2,000 customers of each type, and they ..
The spending multiplier is equal to what What is the necessary change in government spending alone that is needed to get the economy to full employment The tax multiplier is equal to what What is the necessary change in taxes alone that is needed to..
There are two main parking lots in the downtown area of a growing city in Florida. One lot is publicly operated and the other is privately owned. On any given weekday, the probability that the public lot is not full is 0.20 and the probability tha..
An accounting and management consulting firm charge out rate is $112 per hour. The maximum output is 214,000 hours per year. The fixed cost is $610,000 per year and the variable cost is $62 per standard service hour. What is the breakeven point in..
What sum should you deposit into an account to yield 20 year end payments, starting with $10,000 at the end of the first year and increasing by 4% each year at an interest rate of 8% compounded quarterly
Imagine that the current price of waste disposal is $0.025/lb and the average waste disposal is 2.40 lb/p/d. When the price was previously $0.01/lb, the average waste disposal was 2.52 lb/p/d. Assume that the marginal social cost of waste disposal..
Touchie MacFeelie publishes comic books. The only inputs he needs are old jokes and cartoonists' labor. His production function is Q = 0.1 * J1/2L Where J is the number of old jokes used, L the number of hours of cartoonists' labor used as inp..
Badyear Rubber has developed the following input costs for their truck and bicycle tires. The same rubber is used for both products. Given the constraints they face, how many units of rubber should be used for truck tires and how many should be us..
Commercial Recording, Inc., is a manufacturer and distributor of reel-to-reel recording decks for commercial recording studios. Revenue and cost relations are: TR = $3,000Q - $0.5Q2 MR = $3,000 - $1Q TC = $100,000 + $1,500Q + $0.1Q2 MC = $1,500 + ..
c.How would the bank's balance sheet would be altered if it extended this loan d. Suppose the required reserves were 20 percent. If this were the case. would the bank be in a position to extend any additional loans
Thomas has found a savings fund that pays interest of 2.62 percent compounded semiannually. He will make monthly deposits of $395 and he can make a deposit only once a month on the agreed payment date. Find the number of deposits Thomas must make.
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