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Explain the shape of shortrun curves or derive the average long run curve from shortrun curve.
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- Question 4: AS/AD Graph Short Run Illustrate the short run part (3) via an AS / AD diagramDerive graphically AS curve and explain in depth why the short-run AS curve is upward slopedShow and explain the AS adjustment process, in other words, how output adjusts over time, from the short run to the long run (following the increase in G)
- State the relationship between the LAC curve and the LMC in economics!An economy is described by the following equations: Cd = 1,600 + 0.8(Y – T) IP = 1000 G = 1,800 X = M = 0 T = 3,000 + 0.01Y What is the short-run equilibrium level of output in this economy? Group of answer choices 1.7600.5 2.7650.4 3.8420.5 4.9615.4The following table pertains to an economy in which the typical consumers basket consists of  15 bushels of peaches and 10 bushels of pecans. Refer to the table, the cost of the basket in Year 1 was…
- Which of the following is NOT a determinant of long run GDP the price level the amount of labor in an economy the amount of physical capital technologyAssume that we have a Cobb-Douglas type aggregate production function in the form: Y = Ka.Lb c. Briefly explain why y'>0 or dy/dk > 0 . Is it possible that dy/dk < 0 ? Why? d. Briefly explain why y'' ≤ 0 . e. Find the elasticity of substitution between K and L. What does expansion path look like?Neoclassical Production Function Please write the production function in its simplest form (human capital being included in TFP) and explain the nature of each factor of production.
- A movement along the consumption function can be caused by aa. check from sold mutual funds.b. well performing stock market.c. decrease in taxes.d. newly found $100,000 inheritance.Suppose a country has a production function Y=2K0.5L0.5, where K is the amount of capital and L is the amount of labor. The economy begins with 400 units of capital and 625 units of labor. Find numerical answers to the following. Be sure to show your work. What is the real wage and the real rental price of capital? (Hint: Assume the firms are maximizing profit.) Suppose there is a natural disaster and half of the capital is destroyed. What is the new level of output? What is the new real wage and real rental price of capital? How much output does the economy produce? Please answer all part I will rateWhich of the following curve(s) is drawn vertically on a GDP / Y / Production / employment graph?Group of answer choices 1No curve is vertical in the above described graph. 2The demand curve. 3There is a curve that is vertical but it is neither the supply curve nor the demand curve. 4The short run supply curve.