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Assume that an economy is in the long-run equilibrium with the GDP deflator of 150 and potential output of $40 billion. Draw a typical aggregate demand-aggregate supply model using this information. Explain each curve/line.
a. The economy is experiencing a shock – a sharp drop of stock prices.
i. Show on the graph what happens in the short run. Explain.
ii. What type of output gap is this? Calculate the output gap.
b. Explain what will happen in the long run due to self-correction. Show the appropriate shift on the graph.
c. What problem is the economy facing?
d. The government decides to intervene. What policies should it implement? What is the goal of these policies?
e. What is the most challenging shock for the policy makers to deal with? Explain why.
Sketch graph a standard short-run production function, and identify on it the points where the average product peaks, the marginal product peaks, and the marginal product reaches zero, and the average and marginal product intersect.
Why does the government intervene in the economy? Should they and what would the impact be if they did not?
illustrate what does this mean for the survival of small firms in the industry.
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There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $42 for every $600 invested. a.What is the percentage rate of return for these 298 dairies? (percent) B. Wil..
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