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- If most people have rational expectations, how long will recessions lastExpectations often play cruel jokes on the market participants. Assume that everyone (buyers and sellers) expect future gold prices to increase. Use the four-step process of finding equilibrium, please be sure to describe what (if anything) happens to the current demand and/or supply of gold, which way(s) do the corresponding curve(s) shift, and what happens as a result to the equilibrium price and quantity of gold exchanged.Would it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.
- The Figure above shows statistics on Real GDP in Qatar ($billions) from 2012 to 2020, in addition to expectations for the year 2021 and 2022. Real GDP is expected to reach 178 $billions in 2022. What are the main factors that could explain these optimistic expectations?The rational expectations assumption is unrealistic because, essentially, it amounts to the assumption that every consumer has perfect knowledge of the economy.” Discuss in the context of developing countries.Derive the relationship between MPL and MC algebraically. Why is this relationship critical to showing how the law of diminishing returns affects our expectations regarding SR costs?
- Rational expectations theory assumes Multiple Cholce consumer behavior is static. consumers will change their behavior, but it takes time. consumers will adjust to their current situation immediately consumers lack full information and would benefit from improved expectations1. A. Harold Hotelling forecast that someday the oil industry would come to an end. For the interim period, in between his time and the end of oil, what were Hotelling's expectations for (i) consumers, (ii) oil production investors, and (iii) oil prices? B. Marion King Hubbard forecast that the oil industry would continue to expand, and then shrink. What reasoning did Marion King Hubbert use to form his expectations? C. Contrary to the forecast of Harold Hotelling, today's global oil output is greater than ever. Nevertheless, what have top Middle East oil exporting nations do to apply Hotelling's expectations into their own national oil export policies? D. Also contrary to the beliefs of Marion King Hubbert, today's global oil output is greater than ever, rather than less. Even the USA's oil output is greater today than it was when Hubbert made his forecast. Nevertheless, what have the major oil exporters of the Arabian Gulf done in the past to apply Hubbert's forecasts into their…How can expectations about the future change what consumer buy now?
