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- Explain the difference between Short-Run and Long-Run binding price ceilings.(d) Find the royalty in each period. Show that, the discounted value of the royaltyin each period is the same and it is equal to the shadow price of oil (λ).(e) Verify the Hotelling rule (i.e., show that the growth rate of theroyalty is equal to the discount rate).(f) Provide an intuitive account of the Hotelling rule.What is The position of the long run Philips curve is determined by
- True/False Market price is an macroeconomic concept.For demand function Qd = a - bP and supply function Qs = dP - c , using Cramer’s rule determine equilibrium price and equilibriumExplain whether each of the following eventsincreases, decreases, or has no effect on long-runaggregate supply.a. The United States experiences a wave ofimmigration.b. Congress raises the minimum wage to$15 per hour.c. Intel invents a new and more powerfulcomputer chip.d. A severe hurricane damages factories along theEast Coast.