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Suppose u(c, c') = ln c+β ln c' , there exists N consumers and each consumer lives for 2 periods. In each period they receive an endowment y, y' and are taxed t, t' . There also exists a government which spends G and G' . Finally there exist one period bonds B which exist in a frictionless market and for which both consumers and government have access to.
a. Derive the lifetime budget constraint for both the consumer and government
b. Define equilibrium of this economy
c. Solve for the equilibrium objects
Elucidate the common kinked-demand model. In the oligopolist's marginal-revenue curve, elucidate the reason for gap. In this model explain how does price rigidity in oligopoly.
Before 1976, the airlines often denied boarding to passengers who were flying on urgent business in favour of passengers who were not in any particular hurry to reach their destinations. This would seem to be a cooperative failure.
Explain how could you estimate the net welfare loss (deadweight loss) from such a diagram. What response to such a policy would you expect from industries (like automobile producers) that use U.S. steel.
Before the war, Iraq had the capacity to produce a certain amount of oil from its oil wells. After the war, it found that capacity greatly diminished because the oil wells were on fire. Draw Iraq’s PPF before and after the war, assuming that the only..
Calculate a change in the mix of monetary and fiscal policy that leaves output equal to the level it is when M=900 and G=1,200 but in which the interest rate is 3% rather than 5%. Describe what happens to the value of the dollar, net exports, the gov..
Critically describe the impact of the financial crisis on the automobile industry's production and trade. Analyze the support measures that were taken by the governments to support the automobile sector.
The owner of a corner lot wants to find a use that will yield a desireable return on his investment. If the owner wants a minimum attractive rate of return on his investment of 15%, which of the two alternatives would you recommend?
Suppose the average annual temperature in the state of New York were to decline for three years in a row. How would that fact affect/contribute to the argument as to whether global warming is occurring and whether we should do something about it?
Monetary expansion causes the current account balance to increase in the short run. Discuss this statement. Is the same true for fiscal expansion?
Susan made 4 uniform annual deposits of $1800 in a savings account that earned an interest rate of 2% per year. Her last deposit was made 7 years ago. What is the future value of her savings 13 years from now, if she leaves the account untouched?
Calculate the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect..
Explain the 4 ways the Federal Reserve would increase the money Supply and explain and graph how this would impact interest rates, consumption, and investment, AD, GDP, Prices and Unemployment.
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