1, outcome B/ outcome A 2, outcome A/ outcome B 3, 4, shift of/ movement along 5, a decrease/ an increase 6, an increase/ a decrease Based on your answers to the previous questions, use the purple point (diamond symbol) on the following graph toplot the unemployment rate and inflation rate if the economy is at point A. Next, use the green point (trianglesymbol) to plot the unemployment rate and inflation rate if the economy is at point B. (As you place these points,dashed drop lines will automatically extend to both axes.) Finally, use the red line (cross symbols) to draw theshort-run Phillips curve for this economy in 2021.INFLATION RATE (Percent)876543210123 4 5 6 7UNEMPLOYMENT RATE (Percent)8Outcome AOutcome BPhillips CurveHelpClear AllSuppose that the government is considering enacting an expansionary policy in 2020 that would shift aggregatedemand in 2021 from AD₁ to AD₂. This would cause athe short-run Phillips curve, resultinginin the inflation rate andin the unemployment rate. Suppose that in the year 2020, the price level is 100. The following graph shows two possible outcomes for 2021.The first aggregate demand curve is given by the AD₁ curve, resulting in the outcome illustrated by point A. Thesecond aggregate demand curve is given by the AD₂ curve, resulting in the outcome illustrated by point B.PRICE LEVEL108107100% X1061051041031021011000I24AIBSRASAD1AD₂68 10 12 14 16REAL GDP (Trillions of dollars)Suppose the unemployment rate is 6% under one of these two outcomes and 3% under the other. Based on theprevious graph, you would expect_to be associated with the lower unemployment rate (3%), andto be associated with the higher unemployment rate (6%).If aggregate demand is low in 2021, and the economy is at outcome A, the inflation rate between 2020 and 2021 isReminder: the formula for calculating the inflation rate between 2020 and 2021 isPrice level in 2021 - Price level in 2020Price level in 2020

Given informationin 2020, the price level will be 102. In 2021, if the aggregate demand is ADA, then…

Answered: drop lines will automatically extend to…

drop lines will automatically extend to both axes.) Finally, use the red line (cross symbols) to un Phillips curve for this economy in 2021. FLATION RATE (Percent) Outcome A

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Find B - A. 4 9 - 5 7 A = B = 2 8 3 - 5 B-A =
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The owner of a skating rink rents the rink for parties at $1200 if 60 or fewer skaters attend, so that the cost per person is $20 if 60 attend. For each 5 skaters above 60, she reduces the price per skater by $0.50. (a) Construct a table that gives the revenue generated if 60, 70, and 80 skaters attend. No. of skaters Total Revenue 60 70 80 Price per Skater $ $ $ (b) Does the owner's revenue from the rental of the rink increase or decrease as the number of skaters increases from 60 to 80? O The revenue increases. O The revenue decreases. (c) Write the equation that describes the revenue for parties with x groups of five skaters more than 60 skaters. R(x) = (d) Find the number of skaters that will maximize the revenue. skaters (e) Find the maximum revenue. $ (f) When the revenue is at the maximum possible, what price is paid per skater? $
#14 Control Charts: Yellowstone National Park Yellowstone Park Medical Services provides emergency health care for park visitors. The average number of visitors treated is 21.7 per day during the summer period. The estimated standard deviation is 4.2 visitors. a. For a 10-day summer period, the following data show the number of visitors treated each day. Day 1 2 3 4 5 6 7 8 9 10 # 25 19 17 15 20 24 30 19 16 23 Make a control chart for the daily number of visitors treated and plot the data on the control chart. Does the data indicate that the number visitors treated is "in Control"? b. For another 10-day summer period, the following data saw obtained. Day 1 2 3 4 5 6 7 8 # 20 15 12 21 24 28 32 36 96 35 10 37 17 Make a control chart for the daily number of visitors treated and plot the data on the control chart. Does the data indicate that the number visitors treated is "in Control"?
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PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 300 200 40 200 rooms per night to ,hotel rooms at the Oceans and hotel rooms at the Meadows are 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is Oceans are ? from meaning that hotel rooms at the If the price of a room at the Meadows were to decrease by 20%, from $200 to $160,…
ent-4.docx cetumentGrp Assignment 4. Saved to this Pd v Layout References Mailings A A™ | Aa- | Ap -I A. DA = = = |- |- B demand. daho Review if necessary. Paragraph View ENT Help For a particular video game, the company sells 160 (thousand) copies of the game when the (thousand) copies of the game. price of the game is $55. However, when they change the price to $45, the company sells 240 1 AaBhCcDdi AaBbCcDdi AalbC Đới 1 List Para... Normal 1 No Spac.... Styles a. As part of the process of finding the price elasticity of demand, what is the percent change in quantity using the midpoint method? Round your answer to 4 decimal places ECON 150: Microeconomics b. As part of the process of finding the price elasticity of demand, what is the percent change in price using the midpoint method? Round your answer to 4 decimal places if necessary. C. Using parts a and b, calculate the price elasticity of demand. Round your answer to 2 decimal places if necessary. Four
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Only parts d and e please