If planned aggregate spending in an economy can be written as pae = 15,000 + 0.6y - 20,000r, and potential output equals 36,000, what real interest rate must the federal reserve set to bring the economy to full employment?

Let x be a random variable representing the price of a Congo-imported black diamond. Let the higher price be p. Then,

P(x < p) = P(x < (p - mean)/sd) = P(x < (p - 60,430)/21,958.08) = P(z < 2)

Therefore,

(p - 60,430)/21,958.08 = 2

p - 60,430 = 2 x 21,958.08 = 43,916.16

p = 34,916.16 + 60,430 = 104.346.16

Therefore, The required price is $104,346.16

Explanation: