Not sure if my answers are correct and confused on the last question 00O $6 trillionWhat is the GDP of this economy?$36 trillion2o $54 trillionO $72 trilliono $6 trillionO$3 trillion468REAL GDP (Trillions of dollars)O $15 trillionIf the velocity of money is 3, the money supply in this economy is $18 trillionO $12 trillionAdjust the previous graph to show the effects of a decrease in the money supply.Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?1012Becausemoney supply. This illustrates the, the percentage decrease in the price level isthe percentage decrease in the The equation of exchange is given by MXV = PX Q, where M is the money supply, V is the velocity of money, P is the economy's price level, andQis Real GDP.Suppose the following diagram shows the current aggregate demand (AD) and aggregate supply (AS) curves in a hypothetical economy.PRICE LEVELCO153002ASWhat is the GDP of this economy?AD₂468REAL GDP (Trillions of dollars)AD₁1012O****AD101AS(?)

Introduction Aggregate supply is the total quantity of output firms will produce and sell—in other…

0 0 $6 trillion What is the GDP of this economy? 2 $36 trillion o $54 trillion O $72 trillion 4 6 8 REAL GDP (Trillions of dollars) o $6 trillion $3 trillion 10 If the velocity of money is 3, the money supply in this economy is $18 trillion 12 Adjust the previous graph to show the effects of a decrease in the money supply. Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?

0 0 $6 trillion What is the GDP of this economy? 2 $36 trillion o $54 trillion O $72 trillion 4 6 8 REAL GDP (Trillions of dollars) o $6 trillion $3 trillion 10 If the velocity of money is 3, the money supply in this economy is $18 trillion 12 Adjust the previous graph to show the effects of a decrease in the money supply. Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

New York Giants star quarterback Eli Manning can sell 5 times more Giants memorabilia than any other employee of the team or stadium. Realizing this, Eli decides to stand behind a concession stand at MetLife Stadium and sell Giants merchandise during the team’s next home game. Why shouldn’t Eli do this, even though he’s better than anyone else at doing it?
U.S. food markets consumers viewed beef as a normal good from 1960-1976, but viewed it as an inferior good after that point. This type of change is not abnormal, in that as average household incomes rise, preferences might change. For instance, as households move from poor to middle-class, their consumption of beef might increase. However, as households move from middle- class to upper-middle-class, they might choose to purchase more exotic foods products. Assuming you are a beef producer in 1983, what will happen if incomes continue to increase? a. The marginal cost of beef will increase. b. The marginal cost of beef will decrease. c. The demand for beef will increase. d. The demand for beef will decrease.
Number 4 please
[item no.24] (Multiple Choice) Is lying generally illegal in the Philippines? Yes, because the law does not allow individuals to practice lyingNo, but there are instances when lying can land you in jail
Suppose you own a profitable small business in another state and you wanted to hold a meeting, but you needed to make a decision on whether to fly to the other state using your free frequent-flyer miles and pay a $100 cab-fare or hold a video conference meeting (at a facility that you have already prepaid a $2000 access-fee but must also paid a $155/hour to use the facility). What option should you choose?
Consider the following game - one card is dealt to player 1 ( the sender) from a standard deck of playing cards. The card may either be red (heart or diamond) or black (spades or clubs). Player 1 observes her card, but player 2 (the receiver) does not - Player 1 decides to Play (P) or Not Play (N). If player 1 chooses not to play, then the game ends and the player receives -1 and player 2 receives 1. - If player 1 chooses to play, then player 2 observes this decision (but not the card) and chooses to Continue (C) or Quit (Q). If player 2 chooses Q, player 1 earns a payoff of 1 and player 2 a payoff of -1 regardless of player 1's card - If player 2 chooses continue, player 1 reveals her card. If the card is red, player 1 receives a payoff of 3 and player 2 a payoff of -3. If the card is black, player 1 receives a payoff of 2 and player 2 a payoff of -1 a. Draw the extensive form game b. Draw the Bayesian form game
Marke is 22 years old, and has just been offered a job as manager of a clothing store in a nearby mall. Mark is confident he can make a profit for several reasons. He has always been interested in fashion and knows what clothes are popular. He paid his way through college by working at several small stores, and thus picked up practical experience. In addition, Mark studied buying and selling in school. His business courses taught him the basic techniques for running stores profitably. If the store makes enough profit, Mark is sure he will get a large bonus at the end of the year. Basic Economic Questions From what you have read, fill in the chart below with examples that show how each economy would answer the basic economic questions. Economy What and how much should What type of Who should How should Who should share in what produce what? goods and services be produced? economic be produced? is produced? system is described? Mark's:
Explain the responsibilities businesses have toward theiremployees.
You want to travel to Las Vegas to celebrate spring break and your "A" in your microeconomics class! You are trying to figure out if you should drive or fly. A round trip airline ticket from Riverside to Las Vegas costs $350 and flying there and back takes about 5 hours. Driving roundtrip to Las Vegas costs about $50 in gas and takes about 10 hours. Other things constant, what is the minimum amount of money that you would have to expect to make by gambling in Las Vegas to induce you as a rational individual to fly rather than drive? O $10 an hour $60 an hour O $70 an hour O $300 an hour
The company that you manage has already spent $5 million on developing a new product-a website that combines You Tube, Twitter, and Facebook - called You Twit Face. The development is not quite finished. It will cost an extra $6 million to finish development and complete the product. Assume that this $6 million amount includes the explicit costs and any opportunity cost that the company may have. At a recent meeting, your salespeople report that the expected sales of your new product (if you finish) are $10 million total. If you do not finish developing the product you can sell the incomplete product to another company for $3 million. What is the MC of finishing the development? What is the MB of finishing the development? Should you finish the product? Why or why not? Use the idea of "thinking at the margin" to explain your answer. Thank u
Case No. 1 Emma likes to call her friend regularly during the month, but he lives abroad. A call costs him $5/minute. The psychological benefit (measured in dollars) of the first 100 minutes of call is $10/minute, that of the next 100 minutes, $5/minute, that of the next 100 minutes, $2.5/minute and finally, that of the next 100 minutes, also $2.5/minute. A) If Emma calls her friend 100 minutes a month, does she make a net gain? B) What is the number of call minutes per month that maximizes Emma's satisfaction? C) If we use Emma's monetary measure of satisfaction, what is the amount of her satisfaction? D) What should be the price per minute of a call for Emma to be at the maximum satisfaction by choosing to call 400 minutes per month?
Victoria founded a start-up several years ago, together with her Macedonian friends. At first, she was fairly poor and therefore very afraid of taking risks. Any negative shock could send the company into bankruptcy. Nowadays her business is thriving, stretching across several markets from Europe to Asia. Victoria no longer worries about taking monetary risks. In fact she enjoys a good gamble over horse races from time to time. How would you draw Victoria's utility function in a way that describes her changing taste for risk as her wealth increased? Please draw a graph and comment. Please do fast ASAP fast