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In a closed economy, consumers spend $100 regardless of the level of income, the marginal propensity to consume is .8. Investment is equal to $200. The government spends $500 dollars and collects $150 dollars in taxes. What is the equilibrium level of GDP in this economy?
A monopoly is manufacturing a level of output at which price is $80, marginal revenue is $40, average total expenses is $100, marginal cost is $40and average fixed cost is $10.
Sunrise Surf Corporation is considering to create 35 surfboards in a month if it can sell each board for $400. If it can receive $700 for each board, the company is willing to create 75 surfboards.
How would you characterize the market for crude oil production? Explain your answer. Explain the long run profit behaviour of firms in this kind of industry.
A) Derive the equation for the IS curve, Y=k*Ap. GRaph for interest rates 0 & 8, with intervals of one-half of a percentage point. B) Suppose the equation for th LM curve is Y=13500+100r. Use this equation to explain the level of income at which t..
The growth rate of population in Country A is greater than in Country B. According to the Solow model, which country should have a higher growth rate of output per worker?
Economists are often criticized for making assumptions. Explain why are assumptions necessary? To think about this, you might consider an assumption that is often made,
Illustrate what happens to the natural rate of unemployment and potential GDP if cyclical unemployment.
In the late 1990s a growing number of economists argued world policymakers were focusing too much on fighting inflation. Economists also argued the technical level of potential output had risen. Show their argument using the AS/AD model.
Assuming no change in hours of work, if real output per hour of work increases by 10 percent, what will be the new levels of real GDP in the right column of A Does the new data reflect an increase in aggregate supply or does it indicate a decrease..
An engineer considering for retirement decides that she wants to have income of $100,000 per year for 20 years with the first withdrawal starting 30 year from now.
In this model of society no capital and no wage labor. The commodities are valued based on hours of labor that needed for the production.Based the above the only input that used to find the cost of a commodity is labor.
1. Draw the payoff matrix (note that Time Warner and District 6SW are the only ones in the market. 2. Based on the payoff matrix what recommendation would you give regarding whether Time Warner should maintain its current price or reduce it to $84..
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