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Modify the Solow Growth model by including government spending as follows. The government purchases G units of consumption goods in the current period, were G = gN and g is a positive constant. The government finances its purchases through lump-sum taxes on consumers,where T denotes total taxes, and the government budget is balanced every period, so that G = T. Consumers consume a constant fraction of disposable income - that is, C = (1 s) (Y T), where s is the savings rate, with 0 < s < 1.1. Derive equations for(a) The law of motion of capital per worker over time (i.e. the relationship between k0 and k).(b) The solution for steady state capital per worker k.
Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower prodcution?
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
The demand function for a cola-type soft drink in general is Q = 20-2P, where Q stands for quantity and P stands for price.
Suppose that the officials in Ecoland have compiled the following data about their economy for last year:
Assume your bank increase its minimum-balance requirement for free checking on checking accounts by $500. You take $500 out of your passbook savings account
Explain how did the economic policies of developed countries after the second world war differ from their policies after the first world war? the "policies referred to here are those which most directly affect international trade.
Assume you flipped an honest coin 10 times and heads came up 8 times.
Suppose that the black market for Internet providers arises, with internet service providers developing hidden connections. Illustrate the black market for inter access, including the implicit supply schedule, the ceiling price, the black market s..
If the price of a good decreases, the substitution effect shows the increase in the quantity of the good demanded, holding income constant.
Assume the market can be described through the following three sources of systematic risk with associated risk premiums.
Suppose that you believe that the average rate of inflation over the next 20 years will be 3.5 percent. Would you by the nominal or the inflation-indexed bond?
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