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BE Oil
Murphy, Daniel; Lipson, Marc L.Case DARDEN-GEM-0161-EEconomicsQuentin Bell, the owner of a small oil extraction firm, BE Oil, owns the rights to drill on six different wells. Drilling requires substantial up-front costs, and each well has different drilling costs and production capability. Bell’s challenge is to decide which wells to drill based on his expectation of the price of oil when it is extracted. The case was written for use in Darden’s global economies and markets (GEM) core course during a class...Starting at €8.20
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BE Oil - Teaching Note
Murphy, DanielTeaching Note DARDEN-GEM-0161TN-EEconomicsTeaching note for product GEM-0161Starting at €0.00
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Accessory Dwelling Units in California: The Roles of the Private and Public Sectors
Murphy, Daniel; Maiden, Stephen E.Case DARDEN-GEM-0198-EEconomicsThis case examines California’s housing crisis and the growing market for Accessory Dwelling Units (ADUs)—secondary housing units built on single-family primary residential lots—within the state. California housing was in high demand but limited supply, and prices were such that many lower- and middle-income people struggled to find affordable housing. As of 2021, the median price for a home in California topped $600,000, more than twice the nati...Starting at €8.20
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Open-Economy National Income Accounting and the IS/LM Model
Murphy, Daniel; Warnock, Francis E.Technical Note DARDEN-GEM-0128-EEconomicsWhen we introduce macroeconomic models, we assume that goods and services are exchanged within a single country but not across countries. This assumption is useful for understanding some of the primary determinants of output, inflation, and interest rates. In reality, however, economies trade with each other, and the presence of international markets has implications for national economies. In this note, we incorporate international markets to un...Starting at €8.20
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Aggregate Demand and Aggregate Supply - Teaching Note
Murphy, DanielTechnical Note DARDEN-GEM-0127TN-ETeaching note for product GEM-0127Starting at €8.20
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The IS/LM Model
Murphy, DanielTechnical Note DARDEN-GEM-0126-EEconomicsThis technical note introduces the basic structure of the workhorse IS/LM model for a closed economy (i.e., one that does not engage in international trade). The note derives the core components of the model and derives predictions of effects of fiscal and monetary policy. The price level is assumed to be fixed, and aggregate demand determines output. This note precedes a more comprehensive treatment of aggregate demand and aggregate supply found...Starting at €8.20
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Aggregate Demand and Aggregate Supply
Murphy, DanielTechnical Note DARDEN-GEM-0127-EEconomicsThis note extends the IS/LM model to incorporate changes in the aggregate price level and to permit output to be determined by aggregate supply and demand. The note introduces the concept of the full-employment level of output, provides microfoundations that underpin the aggregate supply curve, and discusses the effects of fiscal and monetary policy when the economy is below and above the full-employment level of output. The note concludes by rev...Starting at €8.20
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Comparison of Markets and Governments in Denmark and the United States
Murphy, Daniel; Yemen, GerryCase DARDEN-GEM-0200-EEconomicsThis case follows Pedro Espinosa, an economist working at the US Department of Health and Human Services, who was on the advisory board that oversaw collecting, summarizing, and reporting data on the US social safety net for Congress each year. Part of Espinosa’s role on the board of advisers was to keep them informed on welfare indicators in a global context. During his next team meeting, Espinosa would be offering economic data on Denmark. The ...Starting at €8.20
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California's Affordable Housing Crisis
Murphy, Daniel; Sesia, AldoCase DARDEN-GEM-0194-EEconomicsThis public-sourced case uses the California housing crisis to analyze economic policy in an environment featuring a rising cost of living and shrinking affordable housing options. The case discusses policy options as well as the role and incentives of the private sector in helping develop more affordability. In the case, economist Renee Bowen examines the tradeoffs involved in government intervention in housing markets. This includes understandi...Starting at €8.20
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A Brief Introduction to Macroeconomics
Murphy, DanielTechnical Note DARDEN-GEM-0125-EEconomicsThis technical note sets the groundwork for a module on macroeconomics by introducing concepts and definitions that will be revisited in subsequent technical notes. The note begins by introducing national income accounting and the components of gross domestic product (GDP), and by discussing why economists care about GDP. It then discusses how the determinants of the components of GDP interact on the market, and how we can predict GDP and interes...Starting at €8.20