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A consumer lives three periods, called the learning period, the working period, and the retirement period. Her income is 200 during the learning period, 800 during the working period, and 200 again during the retirement period. The consumer's initial assets are 300. The real interest rate is zero. The consumer desires perfectly smooth consumption over her lifetime
a. What are consumption and saving in each period, assuming no borrowing constraints? What happens if the consumer faces a borrowing constraint that prevents her from borrowing?b. Assume that the consumer's initial wealth is zero instead of 300. Repeat part (a). Does being borrowing-constrained mean that consumption is lower in all three periods of the consumer's life than it would be if no borrowing constraints applied?
The owner of an Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the restaurant operates will increase by 20 percent at the beginning of the year.
Given the government policy, how much will be sold on the private market, that is, how much will consumers buy without government purchases How much sugar will government purchase. Suppose the government gives a guaranteed minimum price for sugar o..
(i) Calculate quantity demanded. (ii) Calculate the price elasticity for demand. Is demand elastic, inelastic, or unit elastic (iii) Calculate the income elasticity of demand. Is the good normal or inferior
Suppose that, for a particulra type of firm, the MPL isnot diminishing, but it's also not increasing. What does the MCcurve for this firm look like Why might it make sense to think ofthe firm's capital being, say, a computer network,
Suppose there is a boombox market that has the following demand curve: P=400-20Q and there are N firms, each with a marginal cost of 30. How many firms must there be for the cournot equilibrium price to go below 40
A company is considering producing a new children's bar soap. A market research firm has told the company that if they perform a survey the successful production of a favorable market occurs 65 percent of the time. That is, P(positive survey favor..
Knockoff Inc. produces what it regards as a low-quality digital camera. However, because the market is so new, reputations for quality have not yet developed, and consumers cannot tell the quality difference between an Ajax digital and a Knockoff ..
Firm XYZ measured its MP of labor curve. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits.
Firm K can earn $25 million in profits from strategy S if firm L responds with strategy P, and $7.5 million in profit from S if L responds with strategy Q. Firm K can follow strategy T, which returns $16 million if firm L responds with strategy P ..
If an editorial says that Americans are saving at lower amounts ie,20 years ago the average savings rate was 20% of disposableincome. The editorial predicted that this would drop to5 percent in less than five years.
HEALTHCARE MANAGED CARE COMPANY IS EVALUATING TWO DIFFERENT COMPUTER SYSTEMS FOR HANDLING PROVIDER CLAIMS. There are no incremental revenues attached to the projects, so the decision will be made on the basis of the present value of costs.
You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 100 - 20Q, and your cost function is C(Q) = 20Q. a. Determine the optimal two-part pricing strategy.
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