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Author Question: What is the relationship between the short-run Phillips curve and the long-run Phillips curve? ... (Read 64 times)

Kthamas

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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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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
Great answer, keep it coming :)


Perkypinki

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Reply 3 on: Yesterday
Wow, this really help

 

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