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This exercise asks you to construct and analyze the equivalent of the lab-equipment expanding variety model of Section 13.1 in discrete time. Suppose that the economy admits a representative household with preferences at time 0 given by
with β ∈ (0, 1) and θ ≥ 0. Production technology is the same as in the text, and the innovation possibilities frontier of the economy is given by N(t + 1) - N(t) = ηZ(t). (a) Define the equilibrium in BGP allocations.
(b) Characterize the BGP and compare the structure of the equilibrium to that in Section 13.1.
(c) Show that there are no transitional dynamics, so that starting with any N(0) > 0, the economy grows at a constant rate.
Assume an industry is composed of the following eight firms. Company Market Share Firm A 30 percent Firm B 25 percent Firm C 15 percent Firm D 10 percent Firm E 7 percent Firm F 6 percent Firm G 4 percent Firm H 3 percent a.
Are the differences in rates of return in (d) consistent with the uncovered interest parity condition? Why or why not?
Suppose Mary earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job Why might a profit-maximizing employer turn down your generous offer
If Total economic cost incorporates both out of pocket costs and opportunity cost what is the Total Economic Cost?
You have worked as a real estate agent for 10 years and are earning about $100,000 per year with your current agency. You prepared the following information to use in evaluating the financial feasibility of starting your own agency.
The demand for personal computers has been estimated to be Q = 500,000 - 700P +200I - 500S. Assume that per capita income I is $13,000 and the average price of software S is $400. When the price of personal computers is P=$3000,
According to the Nielson Company, the population mean number of hours of TV viewing per household, per week, in the U.S. is 50.4 with a standard devaition of 11.8 hours. A random sample of 42 U.S. households is taken for a study.
Autie Frannie wants to help pay for her twin nephews to attend a private school. She intends to send a cheque for $2,000 at the end of each of the next eight years to apply to the cost of schooling. a) If general price inflation, as well as tuiti..
Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should made in its pricing strategy. Provide support for your recommendations.
A. The Federal Reserve Bank then buys (purchases) $250,000 of U.S. government securities on the open market from Mr. X who has his checking account at Wilber National Bank. Show how you determine your answer and indicate the numerical effect this op..
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is..
A farmer grows wheat, which he sells to a miller for $100. The miller turns the wheat into flour, which he sells to a baker for $150. The baker turns the wheat into bread, which he sells to consumers for $180. Consumers eat the bread.
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