22 Jul Refer to the table given below. Suppose that aggregate demand increases such that the amount of real Show more Refer to the table given below. Suppose that aggregate demand increases such that the amount of real output demanded rises by $15 billion at each price level. Real Output Demanded (Original) Price Level Real Output Supplied $500 112 $515 505 106 512 510 100 510 515 94 507 520 88 500 1. By what percentage will the price level increase? 2. If potential real GDP (that is full-employment GDP) is $510 billion What will be the size of the positive GDP gap after the change in aggregate demand? In Billions? Show less
You are the manager of Taurus Technologies and your sole competitor is Spyder Technologies. The two Show more You are the manager of Taurus Technologies and your sole competitor is Spyder Technologies. The two firms products are viewed as identical by most consumers. The relevant cost functions are C(Qi)=4Qi and the inverse market demand curve for this unique product is given by P=160-2Q. Currently you and your rival simultaneously (but independently) make production decisions and the price you fetch for the product depends on the total amount produced by each firm. However by making an unrecoverable fixed investment of $200 Taurus Technologies can bring its product to market before Spyder finalizes production plans. What are your profits if you do not make the investment? What are your profits if you do make the investment? Should you invest the 200? Show less
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