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- In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.Please help me with this macroeconomics question! 6Which consumption theory best explain the consumption behaviour of consumers in our economy
- 12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment Consumption1. What is a market-clearing model? When is it appropriate to assume that market clear? 2. Use the model of supply and demand to explain how fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variables. 3. Consider an economy that produces and consumes hot dogs and hamburgers. In the following table are data for two different years. Goods Hot dogs Hamburgers Quantity (2010) 200 200 Price (2010) $2 $3 Quantity (2020) 250 250 Price (2020) $4 $4 Using 2010 data as the base year Compute the following statistics for each year. Nominal GDP, Real GDP, GDP Deflator, Inflation rate using GDP deflator, CPI, Inflation rate using CPI. (Hint: i) to calculate CPI use base year fixed quantity Hot dogs 200 and Hamburgers 200, ii) To calculate inflation rate, use percentage change in price level between two years.)E2 Describe the difference between the "endogenous" and the "exogenous" variables of an economic model. Which type of variable is, by construction, independent of all of the other variables in a model? In the supply/demand model of a competitive market which variables are endogenous and which are exogenous (give at least 3 of each type)?
- 7. Models: Apply the supply-and-demand model to the following markets. In each case, state the key endogenous variables in the market as well as some important exogenous variables or parameters. Also, express each model as a system of mathematical equations. As an example, Q = F(P, X) might be the demand curve in the computer market, where X captures some exogenous variables like the availability of the iPad or computer games. How many equations are there within each example? How many unknowns? 1. The computer market. 2. The market for your favorite music. 3. The market for a particular currency, such as the dollar, the yen, or the euro. (Hint: This last example suggests an important point about "exogenous variables": what is exogenous in one model, as in a narrow study of the supply and demand for dollars, may be endogenous in a richer model-like a study of the entire U.S. macroeconomy.)(Figure: Crumpets and Tea II) If the economy is at point 4, the input mix is: Mateo's crumpets 4 3 2 Lucia's tea ->> 6 5 2 7 6 0 5 1 20 1 UTUB 1 2 3 4 Lucia's crumpets 0 5 6 7 C Mateo's tea not Pareto-efficient; a movement to point C or point D would be a Pareto improvement. not Pareto-efficient; only a movement to point D would be a Pareto improvement. O not Pareto-efficient, a movement to point C or point D would be Pareto-inefficient. Pareto-efficient; a movement to any other point would be Pareto-inefficient.AMoving to the next question prevents changes to this answer. Question 3 of Question 3 1 points Save Answ The branch of economics that analyses the market behaviour of individual consumers and firms in an attemp to understand the decision-making process of firms and households. a)Gross Domestic Product O b)Micro Economics c)Macro Economics d)Logistics e)Gross National Product O0000
- Graphically demonstrate how the following economic events influence (ceteris paribus) the relevantsupplyfunction. Label your axes, and specify the market you are discussing. (a) Strong profits in the market for cyber security attract new firms. (b) Low-cost energy reduces the expense of producing and storing ice creamC=150 + 0.65 y I= 120 G= 80 1- Equilibrium levelof income 2- Consumption 3- Saving3. Suppose that the economy is characterized by the following behavioral equations: C = 160 + 0.6Yd, I=150, G = 150, T = 100. Solve for the following variables. (a) Equilibrium GDP (Y) (b) Disposable income (YD) (c) Consumption spending (C) 4. Use the economy described above. (a) Solve for the equilibrium output. Compute total demand. Is it equal to production? Explain. (b) Assume that G is now equal to 110. Solve for equilibrium output. Compute total demand. Is it equal to production? Explain. (c) Assume that G is equal to 110, so output is given by your answer to (b). Compute private plus public saving. Is the sum of private and public saving equal to investment? Explain.
