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Consider the canonical OLG model with log preferences,
for each individual. Suppose that there is population growth at the rate n. Individuals work only when they are young and supply one unit of labor inelastically. Production technology is given by
where A(t + 1) = (1+ g) A(t), with A (0) > 0 and g > 0.
(a) Define a competitive equilibrium and the steady-state equilibrium.
(b) Characterize the steady-state equilibrium, and show that it is globally stable.
(c) What is the effect of an increase in g on the equilibrium?
(d) What is the effect of an increase in β on the equilibrium? Provide an intuition for this result.
What is the potential ambiguity in determining these effects?
Suppose that the price of a service sold in a perfectly competitive market is $25 per unit. For a firm in this market, the output level corresponding to a marginal cost of $25 per unit is 2,000 units.
suppose in 2010 the cost of a market basket of goods was 2001. in 2012 the cost fo the same amrket basket of goods was
Two firms, Alpha and Beta, are competing in a market in which consumer preferences are identical. Alpha offers a product whose benefit B is equal to $100 per unit. Beta offers a product whose benefit B is equal to $75 per unit
Describe a situation that could produce it. Could the situation you've described be avoided? Should it be avoided?
Calculate the Gini ratio for this two-person economy using the geometric formulas for the area of a triangle (= ½ × base × height) and the area of a rectangle (= base × height). The area under the line segment from point a to point b can be though..
In what ways did their answers to these questions agree or disagree with those provided in major economics textbooks published today? Your essay must identify at least two "major questions" and include references to each of these economists (alth..
it is projected to increase next year by 2%, then decrease by 3% in the following year, and then increase by 5% the third year. What is the average inflation rate for the projected price of coffee over the next 3 years
Which of the reasons for the growth of MNCs do you think are the primary reasons for the developments of multinationals in the following industries?
Enter the value of the test statistic in the box and enter the critical value corresponding to a 1% significance level in the box below (rounded to 3 decimal places).
An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. 45% of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored.
If you want to increase your sales of glazed doughnuts by 30% in which direction and by how much do you need to change the price?
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