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1. Describe the Harrod-Domar growth model, and explain precisely how the model illustrates dynamic instability. Why is it often called the knife’s edge model?
2. After reading about the Solow growth model, which concludes that continued economic growth requires continual innovation, and Schumpeter’s dynamic growth model, does the combination of these two models provide an adequate model of technological change and economic growth? What exactly determines the rate of technological progress? Finally, how would you work the variables contained in these models into the Harrod-Domar growth model?
3. Another question lurks behind nearly all discussions of macroeconomic policy: Why should we be so fearful of inflation? Provide your take on the emphasis by most central banks on preventing inflation.
If the real wage can adjust to equilibrate labor supply and labor demmand, what is the real wage. In this equilibrium, illustrate what are employment, output, and the total amount earned by workers.
Does a lump sum tax cause the after tax consumption schedule to be flatter than the before tax consumption schedule.
Consider that two countries, Brazil and Argentina, have the same rates of investment, population growth, and depreciation. They also have the same levels of capital per worker.
A new common stock issue that paid a dividend of $1.76 million last year. The firm's divendends are expected to grow at 6.1 percent, per year, forever. The price of the stock is currently $27.58. The cost of common equity
Ace contracted with Jones to do certain remodeling work on the building owned by Jones. Jones supplied the specifications for the work. The contract price was $70,000. After the work was completed, Jones was dissatisfied and had Clay, an expert, comp..
In game theory, a dominant strategy refers to a choice
Resource demand curves slope downward because?
As an industry moves from being a monopoly to a monopolistically competitive one (due to entry of new competitors as monopoly's patents expire, for example), what happens to elasticity of demand curve facing firm.
For a product, at a price of $3, quantity demanded is 60 units and at a price of $5 quantity demanded is 40 units. Using midpoint formula, calculate value of price elasticity of demand.
Consider the role of discount rates in problems involving long time horizons. Suppose that a particular emission abatement strategy would result in a 50 billion reduction in damages 50 years into the future. Calculate the maximum amount that could be..
Original owners must sell their used cars. Original owners know what their cars are worth, but buyers can't determine a cars quality until they buy it.
The market for DVD rentals in Dallas, Texas, is estimated to be P= 10-0.002Q. Marginal cost (MC) of rental is equal to $2. Where PD is the price (per DVD in $) for DVD QD is quantity of weekly rental. The marginal revenue (MR) for rental is equal to ..
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