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Using relevant diagrams, describe the effect of the introduction, in a competitive market, of a recurring lump-sum tax collected on the firms:
1. In the short run: on the market (market price, quantities, number of firms) and on the firms (changes in cost curves, output, prices, profits).
2. In the long run: on the market (market price, quantities, number of firms) and on the firms (changes in cost curves, output, prices, profits). What would happen if the tax was paid once only instead?
Elucidate what output level does average variable cost reach its minimum value. What is the value (in dollars) of the average variable cost at its minimum point.
Illustrate what is the likelihood of a second industrial revolution in underdeveloped countries today.
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks.
Estimate the own price-elasticity of demand.
Illustrate what appears to be the major constraint that the central banks used to determine the limits of the monetary injections into the economy.
"Most of the firms spend considerable amounts of money on advertisement". Explain advertising elasticity of demand and its practical applications in this context.
Assume that the federal reserve wishes to keep nominal interest rate at a target level of 5 percent. Draw a money supply and demand diagram in which the current equilibrium interest rate is 5%.
Utilizing the info above, which country has a comparative advantage in producing cars and which has a comparative advantage in producing trucks.
Assume the Required Reserve Ratio is 10% and the balance sheet of the People's National Bank looks like the accompanying example:
Mr. Shanku has borrowed dollars in the US but is now concerned regarding its currency risk. What alternatives does he have to limit his risk.
If the demand for money depends positively on real income and depends inversely on the nominal interest rate, illustrate what would happen to the price level today if the central bank announces.
Government needs to eliminate the gap by changing expenditures. What policy would you suggest.
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