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The economy of Carmona is represented by the following Lucas supply function: Y = 600 + 40(P - Pe ). The current price level in Carmona is 1.8, and the expected price level is 1.95.
a. What will be the new level of real output if inflation expectations are correct?
b. What will be the new level of real output if inflation expectations are wrong and the actual price level rises to 2.0?
c. What will be the new level of real output if the actual price level does not change?
d. What is the value of the "price surprise" in parts a, b, and c?
What is special about the prisoners' dilemma game? Is every game presented in this chapter a prisoners' dilemma?
One of these is the Standard model, while the other is the Deluxe model. The profit per unit on the Standard model is $60, while the profit per unit on the Deluxe model is $40. The Standard model requires 20 minutes of assembly time
Suppose Mr. Macleod likes to consume wine. He has the option to consume two different products, 1 liter of red wine (x) or 1.6 liters of white wine (y). x and y are perfect substitutes. Each liter of wine gives Mr Macleod 1 unit ofutility.(a) Write d..
On the basis of the information regarding the risk involved in the two projects, you came up with the following probability distributions for the projects: Project A Project B Probability Net Cash Flows ($) Probability Net Cash Flows ($) 0.3 8,100 ..
Why might it be difficult to get out of this kind of trap? Why is the government sometimes a part of the problem of coordination failure rather than the solution? Does this make the problem hopeless? What could be done in this case?
Suppose there is a river on which are located several micro breweries, each of which discharges pollutants into the water.
Why might countries experiencing hyperinflation adopt dollarization? Why might they do this rather than just fixing their exchange rate?
If the market for a certain product experiences an increase in supply and a decrease in demand, which of the following results is expected to occur?
Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.
Suppose Fred deposits $8,000 in cash into his checking account at the Bank of Bonzo. The Bank of Bonzo has no excess reserves and is subject to a 5 percent required reserve ratio.
Consider an open economy with flexible exchange rates. Suppose output is at the natural level, but there is a trade deficit. What is the appropriate fiscal and monetary policy mix?
Describe the sense in which Holmes's "bad man" corresponds to the rational decision maker of economic theory.
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