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The basic facts about the path of GDP are as in problem 1. But there is now a one-period outside lag for government spending. Decisions to spend today are translated into actual spending only tomorrow. The multiplier for government spending is still 2 in the period that the spending takes place.
a. What is the best that can be done to keep GDP as close to target as possible each period?
b. Compare the path of GDP in this question with the path in problem 1 after policy actions have been taken.
Prove that if the entrepreneur has turned down production with some technique a' at date t, he will never accept technique a' at date t + s, for s > 0 (i.e., he will not accept it for any possible realization of events between dates t and t + s).
The annual operating and maintenance costs for the machine are $15,000 at the end of the first year and are expected to increase at an annual rate of 2.5% in constant dollars. The salvage value is given by the expression S= $95,000-$5,000t.
20 economists were sampled and asked to predict if the national economy would improve during the next twelve months. Eleven of the economists predicted an increase, two economists predicted no change, and seven economists predicted.
What is the equivalent present value of the following series of payments: $7000 the first year, $6500 the second year, $6000 the third year, $5500 the fourth year, and $5000 the fifth year The interest rate is 10%, compounded annually.
The marginal cost function of all the small salons together is SMCF = 4 + .1Q, and the marginal cost function of the dominant or leading salon is MCL = 7 + .1Q. (c) If the large salon forms a centralized cartel. what would be the best level of out..
Maha claims that she could collect 10 oranges or can catch one fish per hour from pond besides their hometown in village while khadija claims that she could collect 2 oranges or 2 fish per 2 hours.what is the opportunity cost of catching fish for ..
The generalized demand function for good A is: Qd = 600 - 4PA - 0.03M - 12PB + 15F + 6Pe + 1.5N where Qd = quantity demanded of good A each month, PA = price of good A, M = average household income, PB = price of related good B, F = consumer taste..
1. Use these combinations for parts a and b: Combination Clothes Food A 1 basket 1 pound B 1 basket 2 pounds C 1 basket 3 pounds D 2 baskets 1 pound E 2 baskets 2 pounds F 2 baskets 3 pounds G 3 baskets 1 pound H 3 baskets 2 pounds I 3 baskets 3 p..
What do your results in the last question imply about the relationship between the number of police and the crime rate? Are you confident in these results based on the work you have done? Why or why not
The research and development division of a large corporation is considering the purchase of a new tunneling X-ray microscope for $200,000. The projected net benefits from gains in materials engineering is projected to be $45,000.
A consumer must divide $250 between the consumption of product X and product Y. The relevant market prices are Px $5 and Py $10. Show how the consumer's opportunity set changes when the price of good X increases to $10.
Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. a. How many employees receive hourly wages of at least $18? b. What percentage of the employees has hourly wages of at least $18? c. What percentage of the employee..
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