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You are told that the economy is significantly below its potential output and that the following will happen next year: World income will fall signigicantly and the price of oil will rise significantly. ( the united states is an oil improter.)
a) what will happen to the price level and output? Using the AS/AD model, demonstrate your predictions graphically.
b) what policy might you suggest to the government?
A consumer buys only two goods, X & Y. a) If the MRS between X and Y is 2 and the marginal utility of X is 20, what is the marginal utility of Y?
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Suppose apples also oranges are substitute. Presume apple growers launch a very successful advertising campaign that convinces consumers apples are a better product.
Spacely Sprockets' short-run cost curve is: C(q, K) = + 15K, where q is the number of Sprockets produced and K is the number of robot hours Spacely hires.
In uncertain times, especially when the economy is experiencing a downturn, consumer spending tends to decline also savings rates tend to rise
what is the output level does the marginal cost curve cross the average cost curve. Compute her accounting and economic profits.
Compute the elasticity of trades with respect to every inconsistent in the demand function.
What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant. Elucidate what money supply should the Fed set in year 2009 if it wants to keep the price level stable.
Do sibs have the expected effect. Explain. Holding medic and feduc fixed, by how much do sibs have to increase to reduce predicted years of education by one year.
Explain how does marginal analysis affect goods and services, efficiency, equity, and on market economy.
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