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Consider a farmer who has access to a bond market where she can borrow or lend at the interest rate R. Assume also that her money holdings nominal balances and the price level stay constant over time. a) Write down the “life-time” budget constraint of this farmer, assuming that her planning horizon extends only two periods into the future. b) Assume that due to unusually good weather conditions, her agricultural production increases for two periods. After the second period, her production falls back to the initial level. How would this affect her consumption, saving and work effort decisions? What is her MPC Marginal Propensity to Consume in this case? c) Now suppose that the farmer’s grandfather, who is also a good farmer himself, passes away after a tragic accident and she inherits her grandfather’s field. This doubles her production in both periods. How does this affect her budget constraint, consumption, saving and work effort decisions? What is her MPC in this case?
Differentiate the way Keynes and Friedman approach the economy. Determine the key differences and similarities?
If total consumer expenditure remains the same after a new tax is imposed on cigarettes then spending on cigarettes will decrease and spending on other goods will increase.
Write out the formulas for the bias, variance and mean squared error of β 1 . How do the bias, variance and mean squared error depend on the values of µ , σ 2 and n ?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Compute the pre-merger HHI measures for each market. How would a merger affect the market's HHI?
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
Victory Visa, Magnificent Master Card, and Amazing Express are credit card companies that charge different interest on overdue accounts. Victory Visa charges 26% compounded daily, Magnificent Master Card charges 28% compounded weekly, and Amazing ..
Economic costs and benefits for project
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
Assume that an electric power plant could be built in the Upper Peninsula using wood as the fuel and would produce 578 megawatts of electricity. Assume that it would have an efficiency of converting wood energy into electricity of 0.26. Let's assu..
Where x is measured on the horizontal axis and y is on the vertical axis. How would you figure out what the indifference curve consists of?
The demand for lumber, like that for carpenters, is a derived demand-derived from lumber demand in its many uses, particularly housing. When the demand for new housing increases, so does the demand for lumber. For example, as the U.S. economy reco..
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