When income effects are very strong for the representative consumer ...

any increase in his productivity will shift the AD curve farther to the right than the AS curve; the consumer wants to consume more of the produced goods but less leisure.

any increase in his productivity will shift the AD curve farther to the right than the AS curve; the consumer wants to consume more produced goods but not more leisure.

any increase in his productivity will shift the AS curve farther to the right than the AD curve; the consumer wants to consume more produced goods and leisure.

any increase in his productivity will shift the AS curve farther to the left than the AD curve; the consumer wants to consume less produced goods and leisure.

any increase in his productivity will shift the AD curve just as much as the AS curve; the consumer wants to consume less leisure.

Question 5.

1. Why do macroeconomist require tools to bring forth policies? What are these tools? (10 pt)
2. Why can’t macroeconomist, perform experiments like chemist to test their hypothesis? How do they try to overcome this obstacle? (10 pt)

1. Say the firm is in a perfectly competitive market. If the current market (equilibrium) price is $ 60, at what output level will the firm as a profit maximizer produce at?
2. Say the market price rises to $ 80. At what output level (as a perfect competitor) will this produce at?
3. How much profit is the firm making at a price of $80? Based on this calculation, do you expect firms to enter or leave this market?
4. Say instead this firm is a monopoly. If the firm maximizes profit at an output level where marginal revenue equals $ 50, what output level will this be?

Table 24-2

The following table pertains to Jouetpays, an economy in which the typical consumer's basket consists of 15 pounds of prunes and 8 dolls.

Refer to Table 24-2. The cost of the basket

Table 24-1

The following table pertains to Quicheland, an economy in which the typical consumer's basket consists of 12 bushels of apples and 7 bushels of almond .

Refer to Table 24-1. If Year 1 is the base year, then the inflation rate in Year 2 was

Table 24-3

The following table lists the per gallon prices of gas and milk for the months of September, October, and November. Assume that the typical consumer buys 100 gallons of gas and 7 gallons of milk each month, and that September is the base period.

Refer to Table 24-3. What is the consumer price index for November?

Table 24-1

The following table pertains to Quicheland, an economy in which the typical consumer's basket consists of 12 bushels of apples and 7 bushels of almond .

Refer to Table 24-1. If Year 1 is the base year, then the CPI for Year 1 was

Table 24-2

The following table pertains to Jouetpays, an economy in which the typical consumer's basket consists of 15 pounds of prunes and 8 dolls.

​Refer to Table 24-2. The inflation rate was

is the current, highly-political, method for selecting and seating justices on the United States Supreme Court the most effective way to staff the federal judiciary? Or, on the other hand, should we (as a society) look for a less-political way to go about this process? If we selected another method, what would that look like? In other words, how do you think this process could work better?

A consumer has an income of $1,000 to spend on food and medicine. The price of one unit of food is $$5 and the price of one unit of medicine is $10. For each question, write down the mathematical expression of the budget constraint and draw it carefully. Put food on the x-axis and medicine on the y-axis. Label the intercepts, slopes, and kinks.

1. Suppose the consumer receives coupons for 50 units of food and those can only be used to buy food.

2. Suppose the consumer receives coupons for 50 units of food and can sell the coupons at half of the market price of the food.

3. Instead of the coupon, the consumer receives a 10% discount for additional units of food that exceed 100 units. That is, the consumer pays $5 for each of the first 100 units and $4.5 for each additional unit.

During the 2008-2009 recession, many companies were recipients of government bailout money. Do you think the bailout was a good idea, and do you think the companies listed in the link above deserved the bailout money? Explain your reasoning. A yes/no/maybe answer to the question with an explanation of your reasoning. Include a detailed and accurate application of one or more of the concepts: discretionary fiscal policy, automatic stabilizers (automatic fiscal policy), incentives.

Assess the internal environment of the company, ULTA BEAUTY INC.. Specifically evaluate the core competencies, sources of competitive advantage, and the sustainability of the advantages. The analysis should leverage the tools such as value chain, VRIN. Also, link to company performance.

What are the benefit and loss associated with limiting legal/illegal migrants for the US? 300 WORDS

How does GDP accounting record the following events? For each of them, describe how they would be computed in GDP accounts using the income method, the production method and the expenditure method

(a) Panasonic builds a TV which it sells domestically for $500. Panasonic’s only costs were labor costs of $200.

(b) You purchase a brand new house for $250,000 and live in it for three month,the rental rate to live in a similar house is $1,000 a month. For simplicity assume the house was produced at zero cost by a corporation.

(c) Walmart sells 1000 bottles of Coca-Cola for $1,500. It had purchased them last year and paid $1,200 for them.

(d) Mining Inc. mines $10,000 worth of natural resources which it sells to Pear Inc. Pear Inc. uses the natural materials to produce $20,000 worth of laptops.Pear Inc. sells half the laptops to Wells Fargo to be used in their offices and the other half to individuals for personal use. Mining Inc. pays its employees$5,000. Pear Inc. pays its employees $5,000.

What is a perfectly competitive market, please explain (thoroughly). Why most industries are not perfectly competitive, explain and provide examples. Use your book to explain the different markets. **Important Information for Discussion Forum Topics: For the student to earn the full 100 points for each Discussion Forum Topic, ALL must meet the following criteria: 1. Submitted posts in a timely manner and in step with the posted topic calendar deadlines. Professional presentation is required with no grammar, spelling or punctuation errors. 2. Made good use of the principles and concepts presented in the chapter readings. 3. Provided adequate support and justification. 4. Applied a level of understanding expected of a college-level student. 5. When appropriate, additional examples were used to validate the responses given.

For each of the following changes, what happens to the real interest rate and output in the long run, after the price level has adjusted to restore general equilibrium? How would the results differ, if at all, between the classical and Keynesian model? Draw a diagram for each part to illustrate your result.

(a)Wealth rises.

(b)Money supply rises.

(c)The future marginal productivity of capital increases.

(d)Expected inflation declines.

(e)Future income declines