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Characterize the aggregate equilibrium dynamics and the dynamics of wealth distribution in the OLG model with warm glow preferences as in Section 9.6 when the per capita production function is given by the Cobb-Douglas form f (k) = Akα. Show that away from the steady state, there can be periods during which wealth inequality increases. Explain why.
Profit Functions and Optimal Investment - Derive the optimality condition, or intertemporal Euler equation, for investment I1 - Write the optimality condition for investment It. Explain the intuition behind this equation in words.
The federal government estimated that the elasticity of demand for cigarettes among teenagers is equal to 2. If they want to reduce smoking by 50% among this group and the price of cigarettes is $6.00 per pack,
What is the marginal revenue of the 101st pound of heirloom tomatoes?
Consider A monopolist that faces the constant elasticity demand curve y(p) = p^e where e 0. ASlso assume that the monopolist pays a quantity tax of t > 0. a) verify that the demand curve is in fact of the constant elasticity variety
a. if televisions are sold in a perfectly competitive market, calculate the annual number sold. under what conditions will the market equilibrium be economically efficient b. suppose tv sets are banned. calculate the loss in consumer surplus as a r..
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity $10,000 (per year) for 6 years, starting 12 years from now. The interest rate remains constant over the entire period of..
At the end of 1973 Japan had a per capita real output of $14,379. If, on average, Japan's real per capita output grew at a rate of 3 percent per year between 1973 and 1993. What would Japan's output per capita have been at the end of 1993
Determine the uniform quarterly series in quarters 0 through 12 of a cash inflow of $5,000 in quarter 1; $10,000 in quarters 2 to 5; and $12,000 in quarters 6 - 12 with an interest rate of 15 %.
If consumer income decreases by 3.2%, what is the expected percent change in consumer demand (assuming there are no other changes that would affect demand for coffee - no price changes)
Instead of the ration in the preceding question, suppose that the government increases taxes on gasoline, in addition to the market price increase
A company deposits 2000 in the bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5 years. If the bank pays 8% intereest, how much would be in the account at the end of 15 years
Why does this result in imperfect competition? How can international trade be based on product differentiation?
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