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Consider a variant of the model studied in Section 11.3 in which the technology in the consumption good sector is still given by (11.27), while the technology in the investment good sector is modified to
where β ∈ (α, 1). The labor market clearing condition now requires LC(t) + LI (t) ≤ L(t). The rest of the environment is unchanged.
(a) Define a competitive equilibrium.
(b) Characterize the steady-state equilibrium, and show that it does not involve sustained growth.
(c) Explain why the long-run growth implications of this model differ from those of Section 11.3.
(d) Analyze the steady-state income differences between two economies taxing capital at the rates τ and τ . What are the roles of the parameters α and β in determining these relative differences? Why do the implied magnitudes differ from those in the one-sector neoclassical growth model?
what is the opportunity cost of a bottle of root beer
The inverse market demand in a homogeneous product cournot duopoly is P=280-2Q=280-2(q1+q2) and costs are C1(q1) = 20q1 and C2(q2) = 30q2. a. How much output will each firm produce in equilibrium b. What are the equilibrium market shares for these..
Draw a graph like the one shown in Figure 27.9 on page 588 with all the relevant numbers.
The first cash flow of a 25 year series of quarterly is equal to 35000. Each cash flow in the series increases by 800. Find the amount of each cash flow in an equal quarterly cash flow series that is equivalent to the increasing cash flow series.
Suppose two firms 1 and 2 compete in quantities and face a demand curve p = 100 - q. Suppose firm 1 has a constant marginal cost of 10 while firm 2 has a constant marginal cost of 40. Suppose they produce quantities simultaneously. a. Find q..
A new machine is to be purchased for $150,000. The company believes it will generate $60,000 annually in revenue due to the purchase of this machine. The company will have to train an operator to run this machine.
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..
If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it.
What term would economists use to describe what happened in year 3 Expansion OR Recession If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been the average growth rate
If Total economic cost incorporates both out of pocket costs and opportunity cost what is the Total Economic Cost?
Suppose that the home currency start to appreciate against other currencies, this should the current account balance, other things equal
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. Se..
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