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The relationship between income, savings, and consumption is directly related to the price level in the economy. Your research has shown that for every additional dollar of disposable income, consumers currently spend $0.75 and save the rest. Assuming an increase in investment of $1 billion dollars,
• What is the Marginal Propensity to Consume?
• What is the spending multiplier?
• What will the effect on the Gross Domestic Product?
• Assuming the price level stays the same, what will be the effect of the new investment on the aggregate demand curve?
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
What are the characteristics of an oligopoly? Using the concept of duopoly and the price leadership model, discuss demand and pricing strategies in an oligopolistic market structure.
The yearly demand for coffee by U.S. consumers is given by the demand curve QD=250-10P, where Q is quantity.
A police officer stops a subject based on reasonable suspicion that the subject is about to engage in criminal conduct and has reasonable suspicion that the subject is armed. While conducting a frisk or pat down of the subject, the officer feels an o..
Illustrate what might account for these trends. Compute currency in circulation as a percentage of M2.
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Suppose K = 1,000; L = 200 w..
The bicycle industry is made up of 100 firms with the long-run cost function c1(y) = 2 + (y^2)/2 and 60 firms with the long-run cost function c2(y) = (y^2)/10. No new firms can enter the industry. What is the long-run industry supply curve for prices..
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interes..
List a few major challenges YOU THINK would impact the future economic well being of the United States. Explain why these are crucial challenges and how they can be overcome. Your response MUST make references to short term fluctuations as well as lo..
Two identical firms compete in competition (Cournot competition) in the same market where the inverse demand is P(Q) = 100 − Q. The constant marginal cost of both firms is 10. Find the best response function for each firm. (b) What is the Cournot (si..
In a two factor, two good heckscher-ohlin context, illustrate and explain the "production effect " of growth in the labor force in a relatively capital-abundant country, other things equal
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