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Consider the neoclassical growth model with Cobb-Douglas technology y(t) = Ak(t)α (expressed in per capita terms) and log preferences. Characterize the equilibrium path of this economy, and show that as α → 1, the equilibrium path approaches that of the baseline AK economy. Interpret this result.
Acme Container Company produces egg containers that are sold to egg distributors using capital and labor. At Acme the marginal product of labor is: MPL=15 while the marginal product of capital is: MPK=10. Workers at Acme earn $10 hour (w=$10), whi..
Show that when there is dynamic inefficiency, it is possible to construct an unfunded social security system that creates a Pareto improvement relative to the competitive allocation.
Suppose that the demand for oil is given by the equation P=10 - 0.2Q where Q is the quantity of oil in barrels per day and P is the price of oil in $ per barrel. You also know that at the current price of oil of $75 per barrel, 750 barrels of oil ..
One year ago your bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calculate the real return.
What is the value of the multiplier d. Calculate the saving function for Freedonia. Plot this sav- ing function on a graph with equation (2). Explain why the equilibrium income in this graph must be the same as in part b.
explore how meaningful his ideas might be to our understanding of the world
Find the equation describing the LM curve. Note that since I did not give you a specic P (and the LM curve is always drawn given a specic P), you will end up with an equation in three unknowns (Y,P,r).
Propose how differences in demand and elasticity lead managers to develop various pricing strategies.
The Zenvox Television Company faces a demand function for its products that can be expressed as Q = 4,000 - P + 0.5I, where Q is the number of televisions, P is the price per television and I is the average monthly income. Average monthly income i..
A monopolist has two types of customers. There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must cha..
Use simple exponential smoothing with a=0.33 to forecast the tire sales for February through May. Assume that the forecast for January was for 22 sets of tires. Months / Auto Tire Sales Jan / 28 feb / 21 ..
Suppose the term structure of interest rates is rising for the United States and falling for Japan. If this is all you know, what can you say about the expected change in the yen/dollar exchange rate?
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