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In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and the direction of the change.
a) As a result of new discoveries of iron ore used to make steel, producers now pay less for steel, a major commodity and used in production.
b) An increase in the money supply by the Federal Reserve increases the quantity of money that people wish to lend, lowering interest rates.
c) Greater union activity leads to higher nominal wages.
d) A fall in the aggregate price level increases the purchasing power of households' and firms' money holdings. As a result, they borrow less and lend more.
Calculate the elasticity for each variable at that point and briefly comment on what information this gives you for each variable.
A consumer has the utility function U(x,y) = x^αy^β, where x≥0 and y≥0 represent her consumption of goods X and Y, and α>0 and β>0 are exogenous parameters. Calculate the consumer’s demand functions for good X and (separately) good Y. These demands m..
Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
Elucidate what percentage of the variation in salary is explained by this model. Describe the point estimate of salary for a teacher with 20 years of experience.
Plot the contour curve when z = 2 and the function g(x) in the x-y plane. What are the values of x that minimize the vertical distance (in the y axis) between the two curves? Explain What are the values of x that maximize the vertical distance (in th..
If a sample of 110 artists was taken, find the average value above which only 15% would lie. Give your answer in dollars to the nearest dollar.
A gourmet ice cream store has fixed cost expenses (rent, utilities, etc.) of $100,000/year. The ice cream cost $5/liters to produce and sell for $7 per liter. The store sells around 150,000 liters of ice cream per year. If the gourmet ice cream store..
Europe's had unusually autonomous universities in which scholars could pursue their studies in relative freedom from the dictates of church or state authorities. Western Europe was in a position to draw extensively upon the knowledge of other culture..
Using your knowledge of after tax engineering economic analysis on a company's investment decisions and the information in the articles, relate how taxes can affect investment decisions. The Laffer curve basically relates how a 5% increase in a tax r..
A pork-processing facility is considering installing either a storage facility or a holding pond. A biosystems engineer has been hired to evaluate the economic trade-offs for the two alternatives. Determine which alternative is preferred for lives ra..
Who compiles data for the national accounting in US? How GDP is measured through income approach? How GDP is measured through expenditure approach? What are the differences between income and expenditure approaches in measuring GDP?
Suppose the quantity demanded for a security is BD = 150 - 0.1b, and the quantity supplied of the security is BS = 50 + 0.1b, where b is the price of the security in dollars. Suppose that the supply curve shifts to BS = 75 + 0.1b. The equilibrium qua..
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