+1-415-670-9189
info@expertsmind.com
Determine consumption-employment-output and leisure
Course:- Business Economics
Reference No.:- EM13891918




Assignment Help
Assignment Help >> Business Economics

How would i solve, Macro Economics (Williamson 5e), Chapter 5: Mathematical Appendix, Problem #1

For the closed-economy, one-period model, suppose that

U (C, l) = ln (C) + β × l, and

F (K, N) = zK^αN^ (1−α) , where β > 0, and 0 < α < 1. Determine consumption, employment, output, leisure, and the real wage in a competitive equilibrium, and explain your solutions. Also, in this problem, show that the competitive equilibrium allocation is Pareto optimal.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
A beer distributor claims that a new display, featuring a life-size picture of a well-known athlete, will increase product sales in supermarkets by an average of at least 50 c
Business its legal, ethical, and global environment 10th edition chapter 6 QP 2, page.204 what process must the CPSC follow to promulgate the rules? What do you think of the c
Southwestern Moving and Storage (SMS) buy a large-capacity trailer truck for $115,000 to provide short-haul earth moving services. SMS is planning selling the truck in seven y
What amount must be deposited into a savings account that pays 8% market interest if the inflation rate is 10% and you want to set aside enough money to purchase a red tape cu
The securitization process reduces the total amount of credit risk embedded in the underlying mortgages, attract investors with different risk appetites, and give home buyers
What is the difference between a stock exchange and an over-the-counter market? What are the three most important stock market indexes? A company is expecting to pay a dividen
A corporation purchased a machine for $60,000 five years ago. It had an estimated life of 10 years and an estimated salvage value of $9,000. The current BV of this machine is
The grounds, a coffee shop, has daily averaged fixed costs of $273 each day and unit costs of $0.85 per cup of coffee. The coffee sells for $2.15 per cup. what is the cost fun