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Suppose that for a particular economy and period, investment was equal to 100, government expenditure was equal to 75, net taxes were fixed at 100, and consumption (C) was given by the consumption function: C=25 + 0.8YD where YD is disposable income and Y is GDP.
a) What is the level of equilibrium income (Y)? SHOW ALL STEPS.
b) What is the value of the government expenditure multiplier and the tax multiplier? SHOW ALL STEPS.
Assume that each firm is free to set its production level, but each firm can communicate (via the business press) what they plan to do first. Using an economic model, show that it might be difficult to sustain a cooperative (high-profit) outcome. Wha..
Suppose that a formerly closed small economy becomes open. What will happen to the effectiveness of fiscal and monetary policies in affecting GDP if the economy operates under flexible exchange rate? Illustrate your answers graphically. How does your..
Less-developed countries have a greater incentive to adopt sound institutions and policies as transportation and communication costs decrease. Political decentralization makes it easier for governments to levy taxes and spend revenues on things that ..
When the price level rises, the long-run aggregate supply curve ________.
Economic theory would suggest that the profitability of an industry would be
Seth is a competitive body builder. He says he has ti have his 12 oz package of protein to " feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
Assume that a consumer has the utility function U(x,y) = (3x+1)y, where x and y represent the quantities of two goods, X and Y. For parts (a)-(h), assume that good X costs pX=$3 per unit and good Y costs pY=$4 per unit. “Wealth” and “income” have the..
Calculate and compare the profit under each flight. Should the airline replace its night flight from Los Angeles with a morning flight?
Use the theory of transaction costs to justify protecting the following rights by injunction or damages: Suppose that two people choose to litigate a dispute. Should the law presume that if two parties are prepared to litigate, transaction costs must..
q.1. there are two firms in an business producing identical products. market inverse demand curve is pq 1-q where q
What is the current U.S. Fiscal Policy – is it expansionary or contractionary? If the current GDP has declined or expanded over the past 2 quarters at least, which of the tools of fiscal policy would you use to try to rein in the economy and how is t..
What effect did the tax have on LeAnn's output level. How LeAnn's did profits change.
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