×
Log in to StudySoup
Get Full Access to Physics For Scientists And Engineers: A Strategic Approach, Standard Edition (Chs 1 36) - 4 Edition - Chapter 17 - Problem 17.42
Join StudySoup for FREE
Get Full Access to Physics For Scientists And Engineers: A Strategic Approach, Standard Edition (Chs 1 36) - 4 Edition - Chapter 17 - Problem 17.42

Already have an account? Login here
×
Reset your password

Solved: a. What are the three longest wavelengths for

Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36) | 4th Edition | ISBN: 9780134081496 | Authors: Randall D. Knight (Professor Emeritus) ISBN: 9780134081496 191

Solution for problem 17.42 Chapter 17

Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36) | 4th Edition

  • Textbook Solutions
  • 2901 Step-by-step solutions solved by professors and subject experts
  • Get 24/7 help from StudySoup virtual teaching assistants
Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36) | 4th Edition | ISBN: 9780134081496 | Authors: Randall D. Knight (Professor Emeritus)

Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36) | 4th Edition

4 5 1 313 Reviews
31
5
Problem 17.42

a. What are the three longest wavelengths for standing waves on a 240-cm-long string that is fixed at both ends? b. If the frequency of the second-longest wavelength is 50 Hz, what is the frequency of the third-longest wavelength?

Step-by-Step Solution:
Step 1 of 3

Chapter17-MoneyGrowthandInflation • TheValueofMoney P=thepricelevel(e.g.,theCPIorGDPdeflator) Pisthepriceofabasketofgoods(measuredinmoney) 1/Pisthevalueof$1(measuredingoods) Ø Inflationdrivesuppricesanddrivesdownthevalueofmoney • TheQuantityTheoryofMoney o Assertsthatthequantityofmoneydeterminesthevalueofmoney • MoneySupply(MS) o Intherealworld,determinedbytheFed,thebankingsystem,and consumers o InthismodelweassumetheFedpreciselycontrolsMSandsetsitat somefixedamount • MoneyDemand(MD) o Referstohowmuchwealthpeoplewanttoholdinliquidityform o DependsonP § AnincreaseinPreducesthevalueofmoney,somoremoneyis requiredtobuyg&s o Thus,quantityofmoneydemandedisnegativelyrelatedtothe valueofmoneyandpositivelyrelatedtoP,otherthingsequal (“otherthings”includerealincome,interestrates,availabilityofATMs) • TheMoneySupply-DemandDiagram o Asthevalueofmoneyrises,thepricelevelfalls o Afallinvalueofmoney(orincreaseinP)increasesthequantityof moneydemanded • TheEffectsofaMonetaryInjection o SupposetheFedincreasesthemoneysupply,thenthevalueof moneyfalls&Prises • ABriefLookattheAdjustmentProcess o IncreasingMScausesPtorise. o Howdoesthiswork(LONGRUN) § AttheinitialP,anincreaseinMScausesanexcesssupplyof money § Peoplegetridoftheirexcessmoneybyspendingitong&sorby loaningittoothers,whospendit. § Result:increaseddemandforgoods § Butsupplyofgoodsdoesnotincrease,sopricesmustrise • Realvs.NominalVariables o Nominalvariablesaremeasuredinmonetaryunits(money) 2 e.g.nominalGDP,nominalinterestrate(rateofreturnmeasuredin $),nominalwage($perhour) o Realvariablesaremeasuredinphysicalunits e.g.realGDP,realinterestrate(measuredinoutput),realwage (measuredinoutput) o Pricesarenominallymeasuredintermsofmoney § PriceofaCD:$15/CD § Priceofapepperonipizza:$10/pizza o Arelativepriceisthepriceofonegoodrelativeto(dividedby) another § RelativepriceofCDsintermsofpizza- $15/ = = 1.5 $10/ o Relativepricesaremeasuredinphysicalunits,sotheyarereal variables o Animportantrelativepriceistherealwage: W=nominalwage=priceoflabor,$15/hour P=pricelevel=priceofg&s,$5/unitofoutput Realwageisthepriceoflaborrelativetothepriceofoutput $15/ℎ = = 3ℎ $5/ • TheClassicalDichotomy o Classicaldichotomy:thetheoreticalseparationofnominal&real variables o Humeandtheclassicaleconomistssuggestedthatmonetary developmentsaffectnominalvariablesbutnotrealvariables o Ifcentralbankdoublesthemoneysupply, 3 § Allnominalvariables—includingprices—willdouble § Allrealvariables—includingrelativeprices—willremain unchanged • TheNeutralityofMoney o Monetaryneutrality:thepropositionthatchangesinthemoney supplydonotaffectrealvariables e.g.doublingmoneysupplycausesallnominalpricestodouble, howevertherelativepriceremainsunchanged o Similarly,therealwageW/Premainsunchanged,so § Quantityoflaborsupplieddoesnotchange § Quantityoflabordemandeddoesnotchange § Totalemploymentoflabordoesnotchange o Thesameappliestoemploymentofcapitalandotherresources o Sinceemploymentofallresourcesisunchanged,totaloutputisalso unchangedbythemoneysupply o Theclassicaldichotomyandneutralityofmoneydescribethe economyinthelongrun • TheVelocityofMoney o Velocityofmoney:therateatwhichmoneychangeshands o Notation: PxY=nominalGDP =(pricelevel)x(realGDP) M=moneysupply V=velocity o Velocityformula: = ▯ o Interpretation:TheaveragedollarwasusedinVtransactions 4 o Velocityisfairlystableoverthelongrun • TheQuantityEquation Px Velocityformula: = M o Multiplybothsidesoftheformulaby M: MxV=PxY o Thisiscalledthequantityequation • TheQuantityTheoryin5Steps Startwiththequantityequation:MxV=PxY 1) Visstable 2) So,achangeinMcausesnominalGDP(PxY)tochangethesame percent 3) AchangeinMdoesn’taffectY: Moneyisneutral.Yisdeterminedbytechnology&resources 4) So,PchangesbythesamepercentasPxYandM 5) Rapidmoneysupplygrowthcausesrapidinflation o IfrealGDPisconstant,then = ℎ o IfrealGDPisgrowing,then < ℎ o Thebottomline: § Economicgrowthincreasesnumberoftransactions § Somemoneygrowthisneededfortheseextratransactions § Excessivemoneygrowthcausesinflation • Hyperinflation o Hyperinflationisgenerallydefinedasinflationexceeding50%per month 5 o Excessivegrowthinmoneysupplyalwayscauseshyperinflation • TheInflationTax o Whentaxrevenueisinadequateandabilitytoborrowislimited,the govtmayprintmoneytopayforitsspending o Almostallhyperinflationsstartthisway o InflationTax:printingmoneycausesinflation,whichislikeataxon everyonewhoholdsmoney o IntheU.S.,theinflationtaxtodayaccountsforlessthan3%oftotal revenue • TheFisherEffect o Rearrangethedefinitionoftherealinterestrate: = + o Therealinterestrateisdeterminedbysaving&investmentinthe loanablefundsmarket o Moneysupplygrowthdeterminesinflationrate o So,thisequationshowshowthenominalinterestrateisdetermined o Inthelongrun,moneyisneutral: Achangeinthemoneygrowthrateaffectstheinflationratebutnot therealinterestrate o So,nominalinterestrateadjustsone-for-onew/changesinthe inflationrate o ThisrelationshipiscalledtheFishereffectafterIrvingFisher,who studiedit • TheFisherEffect&theInflationTax o Theinflationtaxappliestopeople’sholdingsofmoney,nottheir holdingsofwealth 6 o TheFishereffect:anincreaseininflationcausesan equalincreasein thenominalinterestrate,sotherealinterestrate(onwealth)is unchanged • TheCostsofInflation o Theinflationfallacy:mostpeoplethinkinflationerodesrealincomes § Butinflationisageneralincreaseinpricesofthethingspeople buyandthethingstheysell(e.g.theirlabor) § Inthelongrun,realincomesaredeterminedbyrealvariables, nottheinflationrate o InflationcausestheCPIandnominalwagestorisetogetheroverthe longrun o Shoeleathercosts:theresourceswastedwheninflationencourages peopletoreducetheirmoneyholdings § Includesthetime&transactionscostsofmorefrequentbank withdrawals o Menucosts:thecostofchangingprices § Printingnewmenus,mailingnewcatalogs,etc. o Misallocationofresourcesfromrelative -pricevariability:Firms don’tallraisepricesatthesametime,sorelativepricescanvary… whichdistortstheallocationofresources o Confusion&inconvenience:inflationchangestheyardstickweuse tomeasuretransactions § Complicateslong-rangeplanningandthecomparisonofdollar amountsovertime o Taxdistortions:Inflationmakesnominalincomegrowfasterthan realincome § Taxesarebasedonnominalincome,andsomearenotadjusted forinflation 7 § So,inflationcausespeopletopaymoretaxes,even whentheir realincomesdon’tincrease § Inflation: Ø Raisesnominalinterestrates(fishereffect)butnotreal interestrates Ø Increasessavers’taxburdens Ø Lowerstheafter-taxrealinterestrate • ASpecialCostofUnexpectedInflation o Arbitraryredistributionsofwealth Higher-than-expectedinflationtransferspurchasingpowerfrom creditorstodebtors Debtorsgettorepaytheirdebtwithdollarsthataren’tworthas much Lower-than-expectedinflationtransferspurchasingpowerfrom debtorstocreditors High-inflationismorevariableandlesspredictablethanlow inflation So,thesearbitraryredistributionsarefrequentwheninflationis high • TheCostsofInflation o Allthesecostsarequitehighforeconomiesexperiencing hyperinflation o Foreconomieswithlowinflation(<10%peryear),thesecostsare probablymuchsmaller,thoughtheirexactsizeisopentodebate • Conclusion o Moneyisneutralinthelongrun,affectingonlynominalvariables 8

Step 2 of 3

Chapter 17, Problem 17.42 is Solved
Step 3 of 3

Textbook: Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36)
Edition: 4
Author: Randall D. Knight (Professor Emeritus)
ISBN: 9780134081496

Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36) was written by and is associated to the ISBN: 9780134081496. The full step-by-step solution to problem: 17.42 from chapter: 17 was answered by , our top Physics solution expert on 12/28/17, 08:06PM. This full solution covers the following key subjects: . This expansive textbook survival guide covers 42 chapters, and 4463 solutions. Since the solution to 17.42 from 17 chapter was answered, more than 250 students have viewed the full step-by-step answer. The answer to “a. What are the three longest wavelengths for standing waves on a 240-cm-long string that is fixed at both ends? b. If the frequency of the second-longest wavelength is 50 Hz, what is the frequency of the third-longest wavelength?” is broken down into a number of easy to follow steps, and 39 words. This textbook survival guide was created for the textbook: Physics for Scientists and Engineers: A Strategic Approach, Standard Edition (Chs 1-36), edition: 4.

Other solutions

People also purchased

Related chapters

Unlock Textbook Solution

Enter your email below to unlock your verified solution to:

Solved: a. What are the three longest wavelengths for