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1. Why does the aggregate demand curve slope down? Give real-world examples of the three effects that explain the slope of the curve.
2. How is the aggregate supply curve different from the supply curve for a single good, like pizza?
On Juan's twenty-sixth birthday, he deposited $6,000 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor,determine how much was in the account immediately after his thirty-f..
According to U.S. Census Bureau data (2004), average monthly income for a person with a degree in engineering was $5296 versus $3443 for a degree in liberal arts. What is the future value in 40 years of the income difference at an interest rate of..
A country with a civilian population of 90,000 (all over age 16) has 70,000 employed and 10,000 unemployed persons. Of the unemployed, 5,000 are frictionally unemployed and another 3,000 are structurally unemployed.
(Inflation and Relative Price Changes)What does the consumer price index measure? Does the index measure changes in relative prices? Why, or why not?
A monopoly with constant marginal costs MC = 6 has two potential groups of customers, whose demands are Q1 = 24-p and Q2 = 24-2p respectively. If the monopoly can charge them the same two-part tariff, what is the optimal unit price p and fixed fee ..
Suppose that after the fee was imposed, the time of the average trip in central London fell from 40 minutes to 30 minutes. (Note: The travel time will not change by as much as the average speed because the average speed.
If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum w..
Is it efficient for the house to be built? If so, how many stories should it be? Suppose the original owner seeks an injunction halting construction.
If the output changed to 75 units of bread and 60 units of butter, the profit of the butter firm would go up by $42. The profit of the bread firm would go down by $76. 50 units of butter which the consumed by the consumer.
Consider the case of two countries that start with equal levels of GDP. The growth rate of the first country is 3% while the growth rate of the second country is 4%. After 25 years, the level of GDP in the second country is more than 25% larger.
Suppose that now the market is monopolized (e.g. a cartel is formed that determines the price and output as a monopolist would and allocates production equally to each member). Draw a figure showing the monopolist's equilibrium output and price.
For which of the problems listed in (a) through (c) would you want to use real payments and real interest rates, and for which would you want to use nominal payments and nominal interest rates to compute the expected present discounted value? In e..
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