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1) Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP (hint: this topic is not discussed in your text. you will need to understand this week's lecture notes to answer this).
2) Why might the rate at which the Aggregate Supply curve shifts vertically upward increase when an economy produces beyond full employment. (Hint: think about the effect of very low unemployment rates on the balance of bargaining power between employers and workers)
3) Explain why inflation rates are likely to rise when an economy expands beyond full employment capacity output. Draw an aggregate supply-aggregate demand diagram to illustrate your answer. (Hint: utilize your answers to #1 & #2 to answer this question)
Suppose the commodity market and the money market for an economy are described throughfollowing IS and LM curve.
Best Buy and Circuit City are competitors in the customer electronics market. Both have relatively large margins on plasma TV's. Essentially,
Describe the factor which determine the slope of the LM curve and whether an increase in theses factor(s) will make the curve flatter or steeper.
Assume the population over age. Elucidate what would be the measured unemployment rate.
Assume the price of product B, increases from $1 to $1.50. As a result, the quantity demanded of product "A increases from 500 to 600 a month. This indicates that the cross-price elasticity and relationship between the two products.
Prepare a chart that lists three strengths and three weaknesses of the Consumer Price Index calculation.
There be surplus supply or surplus demand. What would be the quantity of surplus demand or surplus demand.
Using the following data calculate Disposable Income:
The price elasticity of demand for a textbook sold in the US is estimated to be -2.0, whereas price elasticity of demand for books sold in overseas markets is -3.0.
If it is good for comunity for people to own their own homes, home ownership should be subsidised with special tax advantages or subsidies.
If your worker stated that they would match your contributions up to 50 percent, and how much would you contribute.
Assume the utility function is not the square root of income but instead, utility is linear in income.
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