Suppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP? Per capita GDP? How will it affect economic welfare?

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Q: What annual interest rate is earned by a 16-week T-bill with a maturity value of $2,400 that sells f...

A: Please find the answer below.

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Q: be measured as an area} Surplus-public= 6. Assuming that individuals do not know each other marginal...

A: 5. Surplus-public=Society have a better services. 6. YES  

Q: 1. Why do we need microeconomic models? Using appropriate diagram(s), explain how changes in a facto...

A: Microeconomics focuses on an individual's or a firm's choices in a world of scarcity and the ripple ...

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Q: d. Suppose that the prices of beer and wine double, so that px = 4 and is py = 4. If Charles still w...

A: As given Utility function is U = 2xy And price level of wine and beer is 4.

Q: On January 1, 2018, Kline Inc. borrowed P9,000 from Harvard Co., and on January 1, 2020, it borrowed...

A: Introduction Here Kline Inc. borrowed money from Harvard on Jan 1 , 2018. Time has taken for these a...

Q: 37. If the United States has a current account deficit with England of $1 million, and the Bank of ...

A: The current account deficit is a measure of a country's commerce in which the value of its imported ...

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A: In the monopsony market only one buyer and one seller. In this market optimal condition be determine...

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Q: MAC = 94 - 0.04E %3D MD = 0.01E The government sets an emission standard at E = 2000. %3D The probab...

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A: To decrease the exchange rate, the central bank can lower the interest rate and increases the money ...

Q: Mike’s utility function is U(x,y) = x0.25y0.25. The price of good x is 2 and the price of good y is ...

A:

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A:

Q: Price ($/unit) Social Marginal Cost 40 Supply A 30 ....

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A: Introduction Here we have two type of firms: small and large Production of small firm Production of ...

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A: Here, three production functions are shown in the given graph. Production function shows the ability...

Q: What is the money metric utility function in this case.

A: To get the money metric utility function, we have to substitute our original utility function into t...

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A: Violations of protected innovation can be an enormous worry for a business because of the way that p...

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A: Deficit increases the debt, and surplus decreases the debt.  If debt increases, then there is a defi...

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A: In an economy, the Central Bank earns profit by making lending activities and this net income can be...

Q: Given cost and price (demand) functions C(q)= 110q + 44,600 and p(g) = - 2q + 860, what is the margi...

A: p(q)=-2q+860TR=p x q     =(-2q+860) x q     =860q-2q2MR=860-4qNow, at production level of 55 items,M...

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A: Closed economy: - A closed economy is one that does not trade with the rest of the world, in other w...

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Q: For the following transaction matrix, find the gross output to meet the final demand of 200 units of...

A: Answer is given :

Q: (4) Suppose the price elasticity of demand for a good is -0.2. If there is a 5% increase in the pric...

A: We have given that the price elasticity of demand is -0.2 The formula for price elasticity of demand...

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A:

Q: Assume that initial GDP is $1,000 and we want to expand it to $1,600. Average MPC for the country is...

A: Economists use the marginal propensity to save (MPS) to measure the link between income and savings....

Q: Briefly define the terms in 30 to 50 words each: 1: Stagflation, 2: Depression and 3: Recession

A: Stagflation: As we know that stagflation is considered as a type of economic cycle in which both inf...

Q: High unemployment is undesirable because it   Question 6 options:   a)  reduces idle resources.   b)...

A: Unemployment refers to a situation when people are willing and able to work but cannot find job.

Q: Given the demand and supply functions, determine consumer's surplus under perfect competition: Ра 3 ...

A: Answer: