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Author Question: What is the relationship between the short-run Phillips curve and the long-run Phillips curve? ... (Read 86 times)

Kthamas

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on: Jun 29, 2018
What is the relationship between the short-run Phillips curve and the long-run Phillips curve?
 
  What will be an ideal response?

Question 2

Is the marginal benefit from the concert zero? Explain your answer.
 
  What will be an ideal response?


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Mochi

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Along the short-run Phillips curve, the expected inflation rate is constant. When the expected inflation rate changes, the short-run Phillips curve shifts. The long-run Phillips curve is a vertical line at the natural rate of unemployment. The short-run Phillips curve intersects the long-run Phillips curve at the expected inflation rate.

Answer to Question 2

The marginal benefit from the concert was not zero. Regardless of the price paid for the concert, Eminem's fans enjoyed the concert and there-fore enjoyed a marginal benefit from it.


Kthamas

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

matt95

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Reply 3 on: Yesterday
Wow, this really help

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