Unformatted text preview: According to your research, the average student consumes 20 pens, 6 notebooks, 8 textbooks, 25 pizzas, 10 compact disks, and 10 bottles of soda per semester. Construct a student price index for 1990 and 2000. Assume that 1990 is the base year. How much (by what percentage) did student prices change in the tenyear period? 4. Using labor supply and demand graphs for both the Keynesian and classical models, show the effects of a decrease in the demand for labor. Assume that both markets start in equilibrium. 5. Using the labor market, production function. and AS/AD graphs of the classical model, show the effects of an increase in the labor supply. What are the effects on real wages, the quantity of labor, real GDP, and prices? Explain and show graphically....
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 Spring '05
 Christianson
 Deflation, Inflation, Supply And Demand, Austrian School, Problem Set Number, compact disks, pens notebooks textbooks

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