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Consider the baseline neoclassical growth model with no population growth, no technological change, and preferences given by the standard CRRA utility function (8.49). Assume, however, that the representative household can borrow and lend at the exogenously given international interest rate r∗. Characterize the steady-state equilibrium and transitional dynamics in this economy. Show that if the economy starts with less capital than its steady-state level, it will immediately jump to the steady state by borrowing internationally. How will the economy repay this debt?
Two equal deposits made 20 and 21 years ago, respectively, willallow a retiree to withdraw $10,000 now and $10,000 per year for 14more years. If the account earned interest at 10% per year,how large was each deposit
a chemical engineer is considering two styles of pipes for moving distillate from a refinery to the tank farm. a small
Suppose Groucho wants to associate with high-income people (the higher the income the better) and everyone else has the same preferences as Groucho.
Calculate and describe the effect of changing the savings rate on the multiplier. the given problem is: 20 years agothe average savings rate was 20 percent of disposable income.
a firm is developing a new product. an early introduction beating rivals to market would greatly enhance the companys
Assume Wilbur's utility function is U=(x1)*(x2)*(x3). Further assume that the law dictates that Wilbur consume two units of X1 for every unit of X2. Determine Wilbur's demand function for good 1. Explain, in words, all the steps in your deriv..
Did Australian GDP grow faster than expenditures on social security and welfare? You can get Australian Nominal GDP data at the Reserve Bank of Australia's website as well, under "Search for Statistics.
why social networks including Twitter have become so popular in the particular country.
What are the maximization problems faced by the agent and the principal in the extended model? Apply the Nash equilibrium concept to solve for the optimal contract and
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the typical market basket.
Michael Illitch bought the Detroit Tigers in 1992 for $82 million, which amounted to $114.15 million in 2005 dollars. By 2005, the Tigers were worth $292 million. Calculate the real compound annual rate of return on that investment.
You estimate the improvements will cause extra monthly expenses of $50 for property taxes, $45 for insurance, and $100 and $200 per month, respectively, in utility and maintenance costs. The life of this project is 15 years at which point the salv..
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