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Consider a world economy with international capital flows, but suppose that because of sovereign default risk a country cannot borrow more than a fraction φ > 0 of its capital stock. Consequently, in Section 19.1, we have the restriction that a?j (t) ≤ φkj (t).
(a) Characterize the steady-state equilibrium of the world economy and show that the steady state is not affected by this constraint. Explain the intuition for this result carefully.
(b) Characterize the transitional dynamics of the world economy under this constraint. Show that Corollary 19.1 no longer holds
Suppose in a random sample of 353 grad student teachers, the correlation between annual salary increases and teaching evaluations is found to be 0.11. Test at the 5% significance level , the null hypothesis that the quantities are uncorrelated.
The best level of output for a monopolist in the short run is 500 units and is MR=MC. At this point Q=500, P= $11 and ATC= $8, so that the monopolist earns a profit of $3/per unit and a total profit of $1,500. Suppose that the AFC of the monopolis..
Assume that the total value of the following items is $600 billion in a specific year for Upper Mongoose: net exports = $50 billion; value of new goods and services produced in the underground economy = $75 billion
Assume that operators receive $38 an hour again, but that the cost of personal calls rises to $0.75 in wasted wages. How many operators should the agency hire?
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10 220 15 300 20 360 25 450 30 600 35 770 40 960 What is the marginal cost and average total cost for the firm at each level of output
A local video store estimates their average customer's demand per year is Q = 20 - 4P, and knows the marginal cost of each rental is $1.00. How much should the store charge for an annual membership in order to extract consumer surplus.
Determine the equivalent equal payment series for the following gradient series. A payment of $12,000 at the end of the first year is decreasing by $500 each year over the next 14 years. Assume interest rate is 12% per year
A $17,000 car is purchased for $3,200 down with the remainderto be financed ovr 36 months at 10%. Determine:(a) Monthly payments (b) Total interest (dollars) that would be paid in 36months
Describe at least two challenges that might arise during the implementation of change. Then, explain how a leader might address each.
The mean one-year return for the NASDAQ, a group of 3,200 small and medium-sized companies, was 16.9%. Historically, the one- year returns are approximately normally distributed, the stan- dard deviation in the S&P 500 is approximately 20%,
Assume a firm wants to minimize its cost of producing y amount using x1 and x2 as inputs, which means it wants to minimize w1x1 + w2x2 subject to x1^(1/2)x2^(1/2)= y: (a) Using Lagrange multiplier method, find optimal x1 and x2 as functions of w1,w2 ..
Using (13.44) and the choice of numeraire in (13.45), set up the household maximization problem in the form of the current-value Hamiltonian (derive the budget constraint explicitly). Derive the consumption Euler equation (13.46).
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