Economics

1. Today the size of the US economy is estimated to be about $17trillion. By the end of 2008 it was estimated to be about th$15trillion. Assuming that about 33% of full employment GPD was lost during the Great Recession (say about $5trillion), use the concept of liquidity trap and the Keynesian model (cross) to show and explain why mangers accumulated inventories during the Great Depression?
2. Suppose the marginal revenue (MR) function of a monopolist is 5000-0.25Q, what is the profit maximizing price and quantity? With the aid of illustrations, show or identify the demand, marginal revenue and total revenue curves. Using your illustrations, state the maximum amount of total revenue-in US dollars- that can be derived.
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