Macroeconomics 1102 Discussion Question 5 Part (a) Consumption function: is the relation of consumption with its determinants. Graphically drawn as:. Mathematically it is written as: C = C + c(Y – T) C: Consumption Spending C: Exogenous Consumption c : Marginal Propensity to Consume (0 < c < 1) Y: Aggregate Income T: Taxes Explaining the main components: Exogenous consumption: factors other than disposable income that affect consumption. So when consumers feel optimistic
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Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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Identification method Animals the method can be used on How Use Implications of the welfare of the animals Ringing/ banding Wild domesticated‚ birds Small‚ individually numbered/marked metal or plastic tags are put on to the leg or wing of the bird. To identify individual birds‚ to track bird migration‚ population. During the capture for ringing it is common to record various data about the birds. Causes stress in the process of catching and ringing/ banding. Possibility to lose ring/band
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What is the macro gross anatomy? The macro gross anatomy is the study of organisms with the naked eye. What is the skeletal system? The skeletal system is a very important part of the human body this consists of 206 bones‚ which together with different structures make the joints of the system. Within the skeletal system the structures present are the cartilage‚ bone tissues‚ fibrous connective tissues which form the ligaments of the bones Scanlon and Sanders‚ pp.122‚ 2014). The skeletal system
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Radio Frequency Identification Device (RFID) Introduction Businesses‚ today‚ are researching ways to improve their daily processes‚ both logically and physically. This may include better reporting of profit and loss‚ return on investment using a low cost technological solution. Radio Frequency Identification Device (RFID) is one technology that many companies are considering implementing. Description of Radio Frequency Identification Device (RFID) Department of
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Consent Decree – Identification and Assessment One important court ruling regarding bilingual education was the case of Lau vs. Nichols‚ in early 1970. Although the court ruled children’s Fourteenth Amendment (Equal Protection) was violated‚ accountability wasn’t established. The 1990 Consent Decree addressed this issue by outlining ESOL teacher training requirements‚ as well as needs of ESOL students needing to be addressed by school districts. Before the Florida Consent Decree‚ there
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by using some of the DSP techniques we learned in MATLAB. To do this‚ we have a pre-recorded template that stores each speaker’s distinctive features. We will use this template to do a mix and match with the speakers in our system. Speaker identification refers to the process of identifying an individual by extracting and processing information from his speech. This is a fascinating area of research. From speech itself‚ we can deduce quite accurately whether the speaker is male or female‚ adult
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