GDP= 12000, tax rate was 15% of GDP, Private savings was 12% of GDP and public savings was 360. Find consumption level of closed economy.
Which method is used by Hicks to eliminate the income effect when price of a product is changed
Consider two independent random variables: X~N(5, 4) and Y~N(3, 2). If (2X + 3Y)~N(μ, σ2), then the values of mean (μ) and variance (�...
If a tax is placed on the product in this market, tax revenue paid by the buyers is the area
Short-run returns to fixed supply of factor of production are known as
A consumer has utility function given by : u{x1,x2} = min {2x1+x2, x1+2x2}. Given income m = 100, prices p1 = 20, p2 = 30, the amount of x1 in...
For Cobb-Douglas production function the elasticity of substitution is
Consider an economy described by the following equations:
C = 100 + 0.6 ∗ (Y − T) (consumption function)
According to the Mundell-Fleming model for a small open economy with flexible exchange rates, if the Federal Reserve cannot alter domestic int...
A profit-maximizing monopolist sets an output of 100 per day and a price of £10. Which of the following statements is true?
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