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This exercise asks you to construct and analyze the equivalent of the lab-equipment expanding variety model of Section 13.1 in discrete time. Suppose that the economy admits a representative household with preferences at time 0 given by
with β ∈ (0, 1) and θ ≥ 0. Production technology is the same as in the text, and the innovation possibilities frontier of the economy is given by N(t + 1) - N(t) = ηZ(t).
(a) Define the equilibrium in BGP allocations.
(b) Characterize the BGP and compare the structure of the equilibrium to that in Section 13.1.
(c) Show that there are no transitional dynamics, so that starting with any N(0) > 0, the economy grows at a constant rate.
A compnay places a system for $3000000.00. It is expected to last 30 years with a salvage value of $250000.00. It will increase net income by $500000.00 in the first year, increasing 2.4% each year thereafter. The tax rate is 40%, and after tax MA..
Two companies, Company A and Company B, are deciding whether each should implement a new pricing strategy, which may or may not result in a price war. If both companies reduce (discount) their current prices, each company will end up with $175K in ..
a. Calculate the marginal revenue product at each level of labor input if output sells for $4 per unit. b. If the wage rate is $15 per hour, how much labor will be hired c. What is the firm's total revenue and total amount paid for labor at the level..
Given the following annual information about a hypothetical country, answer questions a through d. Billions of Dollars Personal consumption expenditures $200 Personal taxes 50 Exports 30
Two procedures you would propose as the tax manager of an MNE to reduce the audit potential for transfer pricing issues by the IRS. Provide examples to support the expected impact of your recommendations
We can either look at a tax increasing the costs to the consumer or producer (depending on which party physically pays the tax), or we can look at it as a wedge between the (full) price the consumer pays and the (net) revenue the firm receives.
What sorts of capital investment does this chapter suggest are most useful for explaining long-run equilibrium growth?
Given this, why might stock prices be a good predictor of recessions?
Imagine that you are a British Chancellor of the Exchequer and that World War I has just ended. Explain how you would figure out the dollar/pound exchange rate implied by PPP. When might it be a bad idea to use the PPP theory in this way?
Write down the firms problem in the long-run. Note the price for capital and labor are respectively, r and w. (Normalize the price of output to be 1 so that w and r are in real terms). (b) Does this production function depict constant return to sca..
Each firm in a competitive market has a cost function of \(C=q+q^{2}+q^{3}\) The market demand function is Q = 24 - p. Determine the long run equilibrium price, quantity per firm, market quantity, and number of firms.
Our other product, burritos, has a current price of $1.29 and we sell, on average, 190/day. If we drop the price to $1.19 and then sell 224/day, what can we infer about price elasticity Compare the price elasticity of both products and recommend a..
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