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Consider the following discrete-time optimal growth model with full depreciation:
Assume that u(.) is strictly concave and increasing for c ≥ 0, and f (.) is concave and increasing.
(a) Formulate this maximization problem as a dynamic programming problem.
(b) Prove that there exists a unique value function V (k) and a unique policy rule c = π(k), and that V (k) is continuous and strictly concave and π(k) is continuous and increasing.
(c) When will V (k) be differentiable?
(d) Assuming that V (k) and all other functions are differentiable, characterize the Euler equation that determines the optimal path of consumption and capital accumulation.
(e) Is this Euler equation enough to determine the path of k and c? If not, what other condition do we need to impose? Write down this condition and explain intuitively why it makes sense.
The slopes of the demand and supply equations are different. By making reference to the slopes, explain why the demand elasticity at the equilibrium price and quantity is significantly larger/smaller than the supply elasticity.
Assume that before specialization and trade, Latalia produced combination B and Trombonia produced combination C. Assume these two nations now specialize completely based on comparative advantage.
zachary has opened a retirement account that will pay 5 interest each year he plans to deposit 10 of his annual salary
Do these assumptions, in your opinion, bring the model closer to or further from the world as you know it?
A newly graduated engineer bought furniture for $900 from a local store. Monthly payments for l year will be made. Interest is computed at a nominal rate of 6%. What interest is paid in the last month.
Based on your research, write an 6-8 page paper that researches the concept of internet telephony, as well as providing an analysis and comparison of several telephony technologies currently available.
On page 46, Dave talks about two kinds of losses from tariffs. To which two areas on the tariff graph do these losses represent?
First, replicate this figure with one budget constraint and one indifference curve that together define a tangency (equilibrium) solution.
However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides. What were taxicab drivers assuming about the elasticity of demand.
Desmond is attending university as a full time student this year. Desmond therefore had to give up his full time job in which he earned $25,000 per year. He also had to move away from his parents' home where he was paying $5,000 per year
What are some ethical considerations when using slack and buffers?
The United States differs from virtually all developed countries in that it does not have a VAT. What important aspect of the U.S. political system might account for this difference with other countries? (Related to Application 3 on page 360.)
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