Showing 111 to 120 of 2697 Questions
  • A war breaks out that is widely expected to last only one year. Show how the effect of this shock on aggregate output depends on the size of the intertemporal substitution effect of the real interest rate on current leisure, and carefully explain your results.

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  • A widget manufacturer has an infinitely substitutable production function of the formq = 2K + La. Graph the is oquant maps for q = 20, q = 40, and q = 60. What is the RTS along these is oquants?b. If the wage rate (w) is $1 and the rental rate on capital (v) is $1, what cost-minimizing combination of K and L will the manufacturer employ f

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    268
  • a. According to the Rule of 70, how many years will it take a country to double its output at each of the following annual growth rates?0.5 percent: ………………….. _____ years1 percent: …...……………….. _____ years1.4 percent: ………………….. _____ years2 percent: …………………..... _____ years2.8 percen

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    224
  • a. Draw a budget line for Cameron, who has a monthly income of $100. Assume that he buys steak and potatoes, and that steak costs $10 per pound and potatoes cost $2 per pound. Add an indifference curve for Cameron that is tangent to his budget line at the combination of 5 pounds of steak and 25 pounds of potatoes.b. Draw a new budget line

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    109
  • a. Draw a budget line for Lynne, who has a weekly income of $225. Assume that she buys food and clothes, and that food costs $15 per bag while clothes cost $25 per item. Add an indifference curve for Lynne that is tangent to her budget line at the combination of 3 items of clothing and 10 bags of food.b. Draw a new indifference curve for

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    160
  • a. Draw a budget line for Rafaella, who has a weekly income of $30. Assume that she buys chicken and eggs, and that chicken costs $5 per pound while eggs cost $1 each. Add an indifference curve for Rafaella that is tangent to her budget line at the combination of 4 pounds of chicken and 10 eggs.b. Draw a new budget line for Rafaella, if t

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    129
  • a. What happens to the loanable funds supply and demand curves if business expectations and disposable income both increase?b. What happens to the loanable funds supply and demand curves if profitable new technologies are invented and disposable income decreases?c. What happens to the loanable funds supply and demand curves if taxes on i

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  • a. What is the relationship between the natural rate of unemployment and frictional, structural, and cyclical unemployment?b. What would happen to both unemployment and the normal rate of unemployment if:i. cyclical unemployment increases.ii. Frictional unemployment increases.iii. Structural unemployment falls and cyclical unemployment ri

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    219
  • a. “The aggregate-demand curve slopes downward because it is the horizontal sum of the demand curves for individual goods.”b. “The long-run aggregate-supply curve is vertical because economic forces do not affect long run aggregate supply.”c. “If firms adjusted their prices every day, then the short-run aggregate-supply curve wo

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    297
  • Abby is the sole owner of a nail salon. Her costs for a manicure are given byTC = 10 + q2AC = 10/q + qMC = 2qThe nail salon is open only 2 days a week—Wednesdays and Saturdays. On both days, Abby acts as a price taker, but price is much higher on the weekend. Specifically, P = 10 on Wednesdays and P = 20 on Saturdays.a. Calculate how ma

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    208
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