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Given the utility function:
U=lnc + l + lnc' + l'
and the budget constraint:
w(h-l) + w'(h-l')/(1+r) = c + c'/(1+r) where c = current consumption, c'= future consumption, l=current leisure, l'=future leisure, and r is the market interest rate. Suppose that the current wage, w=20 and the future wage w'=22.
What is the optimal value of current consumption, c? Show all steps.
Suppose the production function for pasta is Q = 4kl. Does this cost function have increasing or decreasing returns to scale?
Consider an overlapping-generations model with inside and outside money, where the rate of return on inside money is x, while the rate of return on outside money is 1 z. What is the effect on the deposit-to-currency ratio, nominal money stock M1 and ..
An increase in the minimum wage
Initially, the economy is in long-run equilibrium. The aggregate demand curve then shifts $80 billion to the left. The government wants to change spending to offset this decrease in demand. The MPC is 0.75.
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Explain how would you extend the above narrative to businesses, society as a whole or nations.
A company uses 20 work units and 30 units of capital to produce 4,000 units of product. In this combination the marginal product of labor is 50 and the marginal product of capital is 40. The price of labor is $ 30 and the price of capital is $ 20. to..
Explain how the price-specie-flow mechanism operates to maintain balanced trade between countries. What are the assumptions that are critical to the mechanism's successful operation?
Imagine working at the Trading Desk at the New York Fed. Explain whether you would conduct open market purchases or sales in response to each of the following events. Justify your recommendation.
Concerning the Purpose of the Corporation, recall that Ed Freeman’s stakeholder theory accused Milton Friedman’s stockholder theory of neglecting the interests of employees, vendors, customers and the general public and of being basically immoral. Ye..
A sample of human resource executives was asked how their company planned to change their work force over the next 12 months. a categorical response variable showed 3 options: add employees, no change, lay off employees.
Consider the two-period optimization problem when income in the second period is zero and the individual is a borrower. Suppose that interest rate declines. In a graph, identify the Hicks income and substitution effects of the interest rate change on..
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