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What are long run and short run?
Long run:
It is the time period wherein all inputs cannot be fixed.
Short run:
It is the time period within which at least one input is not varied.
The total product curve demonstrates how the quantity of output depends onto the quantity of the variable input, for a specified quantity of the fixed input.
Consider the multiplier model we have studied in class. Assume that the economy is initially in equilibrium and that real income is $180. The marginal propensity to expend is 0.66.
Suppose the consumption function is C = $500 billion + 0.55Y and the government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially
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A profit maximizing firm has a production function such that: Y=K2L2 a) If P=10,rk=2,andWL=3 , what would be its optimum be? How can you show that it is a maximum? b) How
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