Choose one or more: A. The tornado shifts the supply to the left. B. The tornado shifts the supply to the right. C. The tornado does not shift the supply curve. D. The tornado shifts the demand curve to the right. E. The tornado shifts the demand curve to the left. F. The tornado does not shift the demand curve. G. The increase in healthcare […]
Suppose two neighborhoods with 10 homes each in Buffalo, New York are identical except one of them is near a toxic waste dump. If homes near the dump sell for an average of $40,000 and the other homes sell for $90,000, the external cost of the dump is a. 90,000b 1,300,000c. 400,000d. 900,000e. 500,000 Question:Suppose two neighborhoods with 10 homes each in Buffalo, New York […]
Toby operates a small deli downtown. The deli industry is monopolistically competitive. Toby tells you he is producing the quantity that minimizes his average total cost. Assuming that Toby is maximizing profits, you know Toby’s
Research and describe the Austrian school of economic thought and the Keynesian school of thought. What are the major differences? Who are the major proponents? Which school of thought (or perhaps it’s not even one of these) do you think best describes current economic thought that directs and influences economic policy in today’s American society.
1.Consider an open economy in which the real exchange rate is fixed and equal to one. Consumption, investment, government spending, and taxes are given by C = 10 + 0.8(Y-T), I = 10, G = 10, and T = 10 Imports and exports are given by IM = 0.3Y and X = 0.3Y* where Y* denotes foreign output. a. Solve for equilibrium output in the […]
Just wondering if you could break this question down for me? Potential GDP is $12 trillion and if real GDP equaled potential GDP, the budget deficit would be $1 trillion. Real GDP actually equals $14 trillion and budget surplus is $3 trillion. The economy has a structural ________ and a cyclical ______________ looking for structural surplus/deficit and cyclical deficit/surplus in exact quantities
Q = F(K,L) = K3/4L1/4a) Calculate the average product of labor, APL, when the level of capital is fixed at 16 units and thefirm uses 16 units of labor. How does the average product of labor change when the firm uses 81 units oflabor?
6. Consider the following economy: • Consumers maximize their utility U(C, l) = (l â‹… C)^0.5 subject to the budget constraint Y = w(â„Ž − l) + a, where l is leisure, C is consumption, w is the real wage, h is the given amount of time and a is the inherited wealth. All these variables are ‘real’ as opposed to ‘nominal.’ (Notice that the […]
“Government Failure†in the News, in Chapter 17. Investigate the use of special-interest lobbyists for some of these articles. The process of lobbying legislatures is itself a big business. State legislatures are under the same kind of pressure from interest groups as the Senate and the House of Representatives. Provide an example to discuss how special interests can succeed in perpetuating policies that are opposed […]
Question:Question 5 Suppose the policy reaction function for the RBA is given by r=rÌ…+gÀ. If the RBA increased the value of the parameter g, which of the following would occur? (a) The slope of the AS curve would become flatter (i.e. closer to horizontal) (b) The slope of the AD curve would become flatter (i.e. closer to horizontal) (c) The AS curve would shift inwards […]
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