Assume that the long-run aggregate supply curve is vertical at Y = 3.000 while the short-run aggregate supply curve is horizontal at P=1.0, . The aggregate demand curve is Y = 2(M / P) and M = 1,500. Suppose the aggregate demand function shifts to Y = (1.5)(M / P) . What are the short- run values of P and Y? Show the change in short and long- run equilibrium graphically . Describe the short- run and long- run effects of the change in demand .

Assume that demand for a commodity is represented by the equation          P=20−2Qd.�=20−2��.Supply is represented by the equation          P=−5+3Qs,�=−5+3��,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.

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True or False: Line B has a slope of infinity. (look at line labelled b) The following graphs show the relationship between the price of apples and the quantity of apples supplied in two different regions, the North and the and South. Assume that the two lines are parallel.   In the North, if the price goes up by $0.20 per pound, then the quantity supplied in the North goes up by 100 pounds per year. If the price of apples goes up by $0.20 in the South, what will happen to the quantity supplied? A. The quantity will decrease by 100 pounds per year.   B. There is not enough information given to determine the supply change in the South.   C. The quantity will increase by 100 pounds per year.   D. The quantity will increase by 50 pounds per year.

1. Consider the following static model. The consumer has preferences such that he always sets his consumption equal to è, where è is exogenously fixed. The consumer has h units of time that he can allocate between working hours (NS) and leisure (1). The wage per hour is w. The representative firm has a technology for producing consumption goods, given by y=zNd where z is the total factor productivity and Nd is the labor input. Denote the profit of the firm as 7. The firm belongs to the representative consumer. The government imposes proportional tax 7 (set exogenously) on the labor income of the representative consumer. The government spends the tax revenue to give lump-sum subsidy B to the representative consumer. 1). Write down the consumer's budget constraint. 2). Solve consumer's optimization problem. 3). Write down the firm's optimization problem and find î and w. 4). Write down market clearing condition for the labor market and for the goods market. 5). Write down the government…

Suppose the following transactions occur during the current year: 1. Kevin orders 50 cases of mezcal from a Mexican distributor at a price of $90 per case. 2. A U.S. company sells 300 spark plugs to a Korean company at $5.00 per spark plug. 3. Rajiv, a U.S. citizen, pays $900 for a TV he orders from Cosmart (a U.S. company).   Complete the following table by indicating how the combined effects of these transactions will be reflected in the U.S. national accounts for the current year. Hint: Be sure to enter a “0” if none of the transactions listed are included in a given category and to enter a minus sign when the balance is negative.   Amount (Dollars) Consumption   Investment   Government Purchases   Imports   Exports   Net Exports   Gross Domestic Product (GDP)

Economically speaking, what factors would cause a demand curve to text and drive to shift? Which way would the demand curve shift?

Assume that demand for a commodity is represented by the equation          P=20−2Qd.�=20−2��.Supply is represented by the equation          P=−5+3Qs,�=−5+3��,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.

Suppose that M = 2000 and that k = 2. What is the price level P at which the economy is in long-run- equilibrium? Plot such an equilibrium on a diagram with P on the vertical axis and Y on the horizontal axis, by distinguishing between the short-run and the long-run equilibrium.

Suppose the demand and supply function of the item x and y are associated with each other. If qx and qy are the units produced and sold of x and y, respectively, and px and py are the corresponding prices, the demand functions are qx=7-px+py and qy=24+px-py and the supply functions are qx=-3+4px-2py and qy=-5-2px+4py. What is the equilibrium prices?