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2. Suppose that, in the isoquant-isocost diagram, with given relative factor prices, an equilibrium input combination of 10 units of capital and 30 units of labor yields an output level for the firm of 120 units. Suppose that, for this firm, at the same relative actor prices but with a...
Using an AD, SRAS, and LRAS curve, explain the effect of the following events on the aggregate-output, unemployment, and price level both in the short-run and in the long-run. Explain the process by which the economy ...