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Suppose the price level and value of the dollar in year 1 are 1 and $1, respectively. If the price level rises to 1.25 in year 2, what is the new value of the dollar? If, instead, the price level falls to .50, what is the value of the dollar? What generalization can you draw from your answers?
The short-run aggregate supply curve (SRAS) can be written as follows: Y = Yf b (p - pe), where Y = real GDP, Yf = full-employment real GDP, p = price level, pe = expected price level, and b is a positive coefficient. The SRAS can be re-written as..
44 third grade students can be considered to be an SRS in asuburban school district with a sample mean of = 35.091. DPR scoresare approximately normal. Suppose the standard deviation ofscores in this school district is known to be σ = 11.
Each paper receives a grade from the set {A, A-, B+. B, B-, C+}, with equal probability, independent of other papers. How many papers do you expect to hand in before you receive each possible grade at least once?
Antonio buys five new college textbook during his first year at school at a cost of $80 each used books cost only $50 each. When the bookstore announces that there wukk be a 10 % increase in the price of new books.
Suppose a person with an income of $60,000 per year rents 52 movies per year at a price of $1 per movie. When the person's income rises to $65,000, he or she rents 63 movies per year at the same price per movie. What is the implied income elastici..
Consider the simple linear regression model without an intercept, y = ß1x + u, with the assumption E(u|x)=0. Also assume that E(x)=0 Show that E(y)=0 and using this as well as E(x)=0 show that the covariance between x and y is given by E(xy) and that..
what is the net present value if the opportunity cost of capital (discount rate) is 10 percent?b) add an outflow (or cost) of $1000 at year 0 . Now, what is the net present value? the future value of $500 invested at 8 percent for five years c) the p..
Assume that Milk is perfectly elastically. If there is a $.20 tax on milk, who will bear the burden of the tax Assume producers have the legal incidence. Graphically depict and describe. Shade the loss in consumer's surplus. and deadweight loss.
Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if firm 2 mov..
Suppose that the economy starts at equilibrium and the mpc = 0.8. What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete
Suppose a new law is put into effect requiring oil tankers to use certain types of navigation rules in coastal waters of the United States. Suppose that the very next year there is a large tanker accident and oil spill in these waters. Does this m..
How might bounded rationality come into play in voting for public officials? In deciding how to spend unexpected additional revenue in a city? Whose job is it to narrow the choices that are presented to voters or city officials?
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