Use a supply and demand graph to illustrate the effects that an increase in income. What happens to the quantity…
Expansionary and Contractionary Monetary Policy
Expansionary monetary policy Expansionary monetary policies is the act of increasing the money supply so that the interest rate goes…
Commodity money v Fiat Money
Commodity money is a currency where the value of money is determined based on the value of the material in…
Supply and demand model with imports
In this post, using supply and demand analysis, I consider what happens to output and prices when a country transitions…
How to derive labor supply function
Suppose a worker has the utility function where describes leisure hours and is a consumption good. The wage rate is…