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Consider the market for economictextbooks. Explain whether the following events would cause an increase or a decrease in the supply or an increase or adecrease in the quantity supplied.
The market price of paper increases.
The market price of economic textbooks increases.
Discuss the criticisms leveled by so called "classical" economists at the Keynesian model described above, from the initial simplistic responses
Show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect.
If the CPI was 120 last year and is 132 this year, what is this year's rate of inflation? Instructions: Round your answer to two decimal places. In contrast, suppose that the CPI was 120 last year and is 118 this year. What is this year's rate of inf..
If a specific subsidy (negative tax) of s is given to only one competitive firm, how should that firm change its output level to maximize its profit, and how does its maximum profit change
Compute total revenue at each and every price for this demand curve.
Use the utility function to answer the questions, below: (x1, x2) = exp (√(x 1 ) + √(x 2 )-Derive the Marshallian (ordinary) demand function for good1 and 2, x i *(p,l), i =1,2 . Then derive the indirect utility function (p,l).
Expalin how are the current real stock of money in the U.S. and real interest rates computed.
We assume there are no lump-sum taxes and no dividend income: ? = T = 0. We assume h = 1 and the wage rate w = 1. There is a consumption tax such that for each purchased unit of consumption, the consumer needs to pay 1 +t units where t goes to the..
In the law of supply, I understand to produce more (Lola's Pizza) it will cost more (equipment, labor, depreciation value, etc.) but is there a point that is plateaus that at a certain volume, the pizza will be sold for a lower cost and cost less ..
Supposed that higher income implies higher imports and thus lower net exports. That is the NX = NX (e). what are the effects in a small open economy of fiscal expansion on income and the trade balance under floating and fixed exchange rates
The industry financial performance had not be ideal last year and Jackson feared that taking this action would cause the financial statements to be even worse.
The inverse market demand curve is P=140-Q, and inverse supply curve is P=20+Q. Now Assume a commodity subsidy of $20 is given for each unit of production.
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