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- The introduction of new a technology in an economy implies: what happens when the market is pessimistic in its expectations about the future economy?Use AD/AS model to solve the following problem. You are expected to: 1. DRAW and explain with AD/AS model. Hydraulic fracturing (fracking) has the potential to significantly increase the amount of natural gas produced in the United States. Assume a large percentage of factories and utility companies use natural gas. In the following two scenarios, what will happen to output, the price level, and employment as fracking becomes more widely used? Scenario A: the economy is operating at full employment level of ouptput. Scenario B: The economy is operating below full employment.How is recession illustrated in an AD/AS model?
- This question requires you to solve a macro model algebraically. Reading the appendix to this chapter will help you to answer this question. But, just in case, we lead you through it step by step. The equations for the model are as follows: i) C = c + MPC × YD consumption ii) I = I0 investment iii) G = G0 government purchases iv) T = tY net tax revenue v) X = X0 exports vi) IM = mY imports a. Step 1: Recall that Y D = Y – T. By using this fact, substitute the tax function into the consumption function and derive the relationship between desired consumption and national income. b. Step 2: Sum the four components of desired aggregate expenditure ( C, I, G, NX). This is the aggregate expenditure ( AE) function. Collect the autonomous terms separately from the induced terms. c. Step 3: Recall the equilibrium condition, Y = AE. Form the equation Y = AE, where AE is your expression for the AE function from part (b). (Your autonomous terms can be collectively labelled A and the terms that…consider a simple Macroeconomic Model With the following equations: C=500 + 0.9 YD I=650 G=1000 T=0.3Y X=700 IM= 0.23Y a) calculate equilibrium national level of income b) calculate the governments budget balance at the equilibrium national level of income c) calaculate the countrys trade balance d) calculate the mulitplier for this economyName two macroeconomic variables that decline when the economy goes into a recession. Name one macroeconomic variable that rises during a recession.
- Explain what tendency does consumption smoothing refer to and why is it assumed in an intertemporal model?Q1. Explain how macroeconomics studies the economy in aggregate.An economy is described by the following: C=20+0.9Y I=120-200r. Md=250+0.2Y-400r. Ms/P=1250 Y=70 W=17.5 Lf=144 a) Find AS and AD. b) Find the equilibrium level of Y and P c) Graphically represent this economy d) Find the long-run Y of this economy. e) What is the level of government expenses G, the government needs to impose in order to lead the economy to the full employment? (Show the long-run graphically).
- This is an intermediate macroeconomics subject question. Please explain clearly.Economics Explain what tendency does consumption smoothing refer to and why is it assumed in an intertemporal model?A number of macroeconomic variables decline during recessions. One of these variables is the GDP. What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in these economic variables which are to be expected. Empirical studies indicate that the long-run trend in real GDP of the USA has an upward trend. How is this possible given business cycles and macroeconomic fluctuations? What factors explain the upward trend in spite of the cycles?
