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REAL BUSINESS CYCLE THEORY:
The parable that motivates this discussion originated with Edmund Phelps and invites you to think that all men (and women) are islands. They have perfect information about the prices of goods and services on their islands but cannot sample the prices on other islands except by rowing there, a costly activity. Consequently, they can only form estimates of the general price level, the average of all prices. Thus, an increase in the general price level will be misperceived as an increase in the price of goods on the island, a (small) subset and, therefore, sub optimal decisions about consumption, production, and investment will be taken. In the spirit of the earlier section, the following account in the next is drawn from the book:
Barro, Robert, Macroeconomics, New York: John Wiley & Sons, Inc.
What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ
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1) Investments 1A) What are the two components to total return ? What does expected value measure? What does standard deviation measure? How can each result be
Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time
Assignment: Externalities •Consider the following scenario: The city council has just approved the construction of a water park in your town. As city economist, you are responsible
Difficulties in Measuring Cost 1) Output data may represent an aggregate of different type of products. 2) Cost data may not include opportunity cost. 3) Allocating c
What do you mean by the utility function? The Utility Function: Sometimes this is easier to work directly along with the preference relation and its connected sets. Althou
How does the indifference curve and budget line for a neutral good look like?
If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the effected labor markets?
in the keynesian model, the price is assumed to be what?
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