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- Explain the relationship that economic variables can have with businesscycles. These have both direction and timing. Give an example economicvariable of each combination of direction timing. Of these two attributes, ifyou had exclusive access to a reliable variable, which relationships wouldyou want this variable to have for forecasting purposesSuppose an economy produces only 2 products that will also be used for directconsumption, as per the article at the end of the exam: chicken wings and donuts. Inthe second quarter of 2021 (the base period), 180,000 pounds of chicken wings wereproduced, at a value of $3.50 per pound, while in the second quarter of 2022,production of chicken wings increased to 200,000 pounds, at a value of $3.75 perpound. In the second quarter of 2021 (the base period), 85,000 donuts were producedat a value of $0.85 per donut, while in the second quarter of 2022, donut productionincreased to 100,000 donuts, each at a value of $0.95 per donut. The population inthis economy is 1000 individuals in 2022, while the number of hours worked in 2022is 5000. Also, the quantities that were produced in 2021 represent the quantities thatwere purchased by the typical household, meaning that everything that was producedwas sold.d. Solve for the amount of labor productivity in the second quarter of 2022.e. Solve for the…Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?
- Please no written by hand solution Consider the following economic situations:C = $4.0 trillionI = $1.5 trillionG = $3.0 trillionT = $3.0 trillionNX = $1.0 trillionF = 0mpc = 0.8d = 0.35x = 0.15r = 1% λ = 0.5A. Calculate an expression for the IS, MP and AD curves ( r= ?, IS Y= ?, AD Y=?)B. Let AS curve be given by the relation: π = 6 + 1.5 (Y - 25.5) (i.e. the price shock is zero). What are the equilibrium values of inflation, output and the real interest rate(π, Y, r)?C. Suppose government purchases are raised from $3.0 trillion to $3.5 trillion. What are new short-run equilibrium inflation values, output and the real interest rate (π, Y, r}?D. Suppose a financial crisis begins, and ƒ increases ƒ = 3. (Assume government purchases are again as in part (a). What are the new short-run equilibrium values of inflation, output, and the interest rate (π, Y, r}?(Please solve all the parts with numerical steps so it could be practiced easily)No plagrisum and correct answer please. Please do all four parts..Thank You advance Consider two commodities viz. smartphones and travel bags and two countries viz. Bangladesh and South Korea. Suppose the production of both the commodities is fully mechanized using electricity as an input in both the countries. The amount of electricity hours needed to produce one unit of each commodity is a follows: Hours per unit Smart Phones Travel Bags Bangladesh 6 1 South Korea 1 3 The total units of electricity available in Bangladesh is 1000 units while that in South Korea is 2000 units. i. Calculate the opportunity cost of each commodity for each country and explain which country has comparative advantage in production of smartphones ii. If each country decides to distribute its electricity supply in production of each good in equal proportions, what will be the total supply of smartphones and travel bags? iii. If each country decides to allocate its electricity fully in the…COVID-19 has undoubtedly been a defining time in our generation's history, with effects on global economies comparable in some instances to what was experienced during the Great Depression of the 1930s. The pandemic has also recalled the economic shockwaves of the Global Financial Crisis of 2008/09. One can argue that this episode is like none seen before because it hasn’t emanated from economic factors. The pandemic is also having a broad spectrum of effects on economies and exchange rates globally. 4.2. Discuss the main drivers of the performance of emerging market currencies since March 2020.
- II. Consider the following IS-LM model:? = 200 + 0.25??? = 150 + 0.25? − 1,000?? = 250? = 200(?/?)? = 2? − 8,000??/? = 1,600a. Derive the IS relation. (Hint: You want an equation with ? on the left side and everythingelse on the right.)b. Derive the LM relation. (Hint: It will be convenient for later use to rewrite this equationwith ? on the left side and everything else on the right.)c. Solve for equilibrium real output. (Hint: Substitute the expression for the interest rategiven by the LM equation into the IS equation and solve for output.)d. Solve for the equilibrium interest rate. (Hint: Substitute the value you obtained for ? inpart (c) into either the IS or LM equation and solve for ?.)e. Solve for the equilibrium values of ? and ? and verify the value you obtained for ? byadding ?, ?, and ?.f. Now suppose that the money supply increases to ?/? = 1,840. Solve for ?, ?, ?, and ?,and describe in words the effects of an expansionary monetary policy.g. Set ?/? equal to its initial…(50 points) Consider the two-period economy with investment discussed in class. Forthe sake of simplicity, assume that the utility is time separable and that the per-periodutility is equal to:u(C) = log CAssume also that the technology to produce the consumption goods has constant returns to scale. Moreover, capital is the only input to production. Hence the currentperiod technology can be represented as:Y = zK1where Y , K, and z stand for output, capital and total factor productivity in the currentperiod. The future period technology is akin to the current period technology. There isno government expenditure in the current and future period so that G = 0 and G0 = 0.Finally there is full capital depreciation, namely δ = 1.(a) (10 points) Write down the social planner’s problem. State the variables withrespect to which the social planner maximises.(b) (10 points) Derive the first order conditions to the planner problem. Rearrangethere condition to find the conditions characterising the…The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 ≤ t ≤ 10) in year t, where t = 0 represents 2000. Saudi Arabia's crude oil production over the same period can be approximated by Q(t) = −0.036t2 + 0.62t + 8 million barrels per day (0 ≤ t ≤ 10). † Use these models to estimate Saudi Arabia's daily oil revenue and also its rate of change in 2008. (Round your answers to the nearest $1 million.) daily oil revenue $ million rate of change in 2008 $ million/yr
- Your friend, a loyal Apple customer, has set out a table of Apple’s net sales also adding his/her expectations about 2021 developments.Do you agree with your friend’s claim that long-term net sales changes cause translation exposure to Apple?2. Is the heightened flow of people a unique feature of the current globalera?Explain how each ofthe following shocks can impact the demand orsupply of oil:A. A worldwide economic recession.B. Improved oildrilling technology.C. War in a majoroil producing country.D. Greaterenvironmentalawareness about climate change.