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Consider the following model for a small open economy with a fixed exchange rate and with a given interest rate and price level: (with variable terms as in curriculum):

Z = C + I + G + NX
Where: C = c0 + c1 (Y - T) c0> 0; 0 <c1 <1
T = T0
I = I0
G = G0
NX = xY * - m1Y - m2ε 0 <x <1; 0 <m1 <1 and m2> 0
Ε = EP / P *
A) Explain the map model equations above. What variables are exogenous?
B) Comment on the individual behavior parameters above. Explain the Marshall-Lerner condition. Is it met here?
C) Illustrate and comment on equilibrium national income in a chart. What determines the slope of the overall demand ratio? Is import and export of goods and services always equal in this equilibrium?
It is now stated that:
c0 = 300; C1 = 0.75;
x = 0.1; m1 = 0.15; m2 = 50; Y * = 5000;
P = P * = 1; E = 1;
I0 = 100; G0 = 300; T0 = 200th
D) Calculate equilibrium income and net exports. Compare the net exports with the public budget balance. Also find the multiplier. How does it differ from the multiplier in a closed economy?
E) How much is the total savings in equilibrium? What does this equate to equilibrium?
Suppose now that the government wishes to stimulate employment.
F) Explain and show graphically how equilibrium income and net exports are affected by a decrease in net taxes. Why is there a conflict of goals here?
G) Explain briefly what instrument the government in this economy may apply if it wishes to improve both employment and net exports at the same time.

965/5000
Task 2: (weight: 30%)

In several European countries, it is currently being considered to introduce a state-determined, general minimum wage. In this task you will analyze some possible macroeconomic consequences of introducing such a minimum wage both in the short and medium term. We now consider a small open economy with variable interest rates and price levels and fixed exchange rates.
A) Explain and illustrate using the relevant model impact on natural unemployment.
B) Explain the connection between natural production and natural unemployment.
C) Explain and illustrate by means of a relevant model how the introduction of a minimum wage may affect interest rates, price levels, real exchange rates, net exports, and overall production and employment in both the short and medium term.
Suppose the government finds that natural unemployment is too high.
D) Give some examples of policy initiatives that can reduce natural unemployment

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Price Discrimination

1 ECONOMICS ASSIGNMENT 2 Question One a.  The Tying refereed here in this case means the full line forcing. Tying is a market feature which is created by a firm when one of the products is made unobtainable to the customer if ano ...

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ECO2013 Macroeconomics

Task: Here are four individuals telling you their stories of how they became unemployed. In a multi-paragraph essay, apply the theories of unemployment to explain the type of unemployment that each of these individuals is facing and explain which of these individuals qualifies for unemployment bene ...

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ECON2210 Statistics

1. A survey of 200 students is taken.  It was found that 50% were studying Accounting, 30% Economics, and the rest were studying Statistics. It was also found that 51% were male. Among the male students, 35% were in Accounting, 40% were in Economics, and the rest were in Statistics.a. What is t ...

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Managerial Economics

In the world of electronics overtime people realized the immense use of having a personal laptop. And at the same time the technology has improved significantly in last decade. In fact the technological improvement has surpassed the increase in willingness and ability to purchase a laptop. Given thi ...

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