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Suppose the money supply is currently $400, all in the hands of individuals, and apples cost $1 apiece.
a) How many apples can those individuals buy with the money in their pockets? (This is an incredibly easy question.) Suppose the Federal Reserve prints $100 in new bills nd uses those bills to buy apples, which they give away to Janet Yellen’s mom.
b) What is the new price of an apple?
c) Suppose that the price of an apple adjusts as soon as the new dollars are printed (before the Fed gets to spend them). How many apples does Janet Yellen’s mom get?
d) Now, how many apples can everyone else buy?
e) Is there a deadweight loss? Explain why or why not.
Prepare a flexiable budget performance report, assuimng that the company worked 8,500 direct labor hours during the month.
Amelia buys coffee for $1 per cup and tea for 50¢ per cup; every day she drinks 1 cup of coffee and 2 cups of tea. Bernard buys coffee for 50¢ per cup and tea for $1 per cup; every day he drinks 2 cups of coffee and 1 cup of tea. Can you determine wh..
Monetary policy can be used for contractionary or expansionary purposes just as we learned that fiscal policy could. Can you help me figure out when/how we would want to use expansionary monetary policy and when/how we would want to use contractionar..
Suppose you purchase a 30-year, zero-coupon bond with a yield to maturity of 6%. You hold the bond for five years before selling it. a. If the bond's yield to maturity is 6% when you sell it, what is the internal rate of return of your investment?
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011.
Assume the market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. How does the price of fertilizer compare to the average total cost, the average variable cost, and the..
Using a budget constraint and a map of indifference curves, show graphically and explain whether the following statement is true. If all prices double and the consumer's income also doubles, there will be no change in the equilibrium bundle of goods ..
Suppose that a given firm experiences decreasing marginal product of labor with the addition of each worker regardless of the current output level. Average total cost will be A) rising at al points B) falling at all points C) constant D) U-shaped
You need both equations and clearly labeled graphs (separate graphs for each question) to answer the following questions. Assume that b=1/2 and that initially the real interest rate is equal to the marginal product of capital at 3%. As well, assume t..
Describe the difference in economic profit between a competitive and a monopolistic in both the short and long run. Which should take longer to reach the long-run equilibrium?
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Find the utility maximizing ch..
The market for a pack of 12 golf balls has been described by the following supply and demand functions: Depict this on your demand and supply diagram. (Hint: the new tax inclusive demand function will be: P = 91 – 5Q) What is the new market equilibri..
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