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Consider the expanding input variety model of Section 13.1 with one difference. A firm that invents a new machine receives a patent, which expires at the Poisson rate ι. Once the patent expires, that machine is produced competitively and is supplied to final good producers at marginal cost.
(a) Characterize the BGP equilibrium in this case and show how the growth rate depends on ι. [Hint: notice that there will be two different machine varieties supplied at different prices.]
(b) Characterize the transitional dynamics. [Hint: show that the growth rate of consumption is constant but output growth is not.]
(c) What is the value of ι that maximizes the equilibrium rate of economic growth?
(d) Show that a policy of ι = 0 does not necessarily maximize social welfare at time t = 0.
How would you explain the relationships among quality, safety, and costs to the director and staff? How would you demonstrate the importance of nursing care in addressing this issue? What outcome variables would you recommend?
Consider options on Bigmove Corporation stock. Suppose that there are call options with a strike price of $75 and put options with a strike price of $65. Which, if any, of the options are in the money if the current price of Bigmove's stock.
what is the price elasticity of the demand for tickets
The recent average starting salary for new college graduates in Economics is $47500. Assume salaries are normally distributed with a standard deviation of $4,500. a)What is the probabilty of a new graduate receiving a salary between $45,000 and $50..
One aspect of obtaining a college education is the prospect of improved future earnings in comparison to non-college graduates. Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation.
A firm produces two different goods A& B. The cost of producing x units of A and y units of B is C(x,y)=2x^2-4xy+4y^2-40x-20y+514. The firm sells all output at price of A=$24 and price of B=$12. Find the productions level x, and y that maximize pr..
data from the land of milk and honey: year price of milk quantity of milk price of honey quantity of honey 2010 $1 100 quarts $2 50 quarts 2011 $1 200 quarts $2 100 quarts
An individual lives in a world where there are only two goods, X and Y. His utility function per period is given by: U = 25x - 0.5x^2 + 50y - y^2 The price of x is $4 and the price of y is $8.What is his marginal utility of money equal to at this l..
Suppose the Government decides to subsidize exercise by $2 for every mile (Q) consumers run at a health club that charges by the mile. The current demand for running is Q=12-2p. The supply of miles available by the track owners is S=2p.
Suppose demand for widgets is given by the equation P=20-0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit. How much total tax revenue is raised by the tax
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of phone calls made. Provider B doe not have a fixed service fee but instead charges $1
A small private university is planning to start a volunteer football program. a random sample of alumni is surveyed. it was found that 250 were in favor of this program, 75 were opposed and 25 had no opinion. a. estimate the percent of alumni in fa..
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