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Consider the continuous-time Solow model without technological progress and with constant rate of population growth equal to n. Suppose that the production function satisfies Assumptions 1 and 2. Assume that capital is owned by capitalists and labor is supplied by a different set of agents, the workers. Following a suggestion by Kaldor (1957), suppose that capitalists save a fraction sK of their income, while workers consume all of their income.
(a) Define and characterize the steady-state equilibrium of this economy and study its stability.
(b) What is the relationship between the steady-state capital-labor ratio k∗ and the golden rule capital stock k∗gold defined in Section 2.2.3?
Consumer 1 has expenditure function e1(p1; p2; u1) = u1sqrt(p1p2) and consumer 2 has utility function v(x1; x2) =x1x2^(alpha) What are Marshallian (market) demand functions for each of the goods by each of the consumers
Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of prod..
c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination d. What price-quantity combination maximizes revenue e. Calculate the maximum revenues. f. Is demand elastic, inelastic, or unit elastic at the reven..
Compute the inflation rate for each year 1989 - 2006 and determine which were years of inflation. In which years did deflation occur In which years did inflation In which years did deflation occur In which years did disinflation occur
identify all of the transistor capacitances and determine which ones are in parallel and which ones are grounded on both ends.
Draw a supply-demand equilibrium for each of the cigarette and chewing tobacco markets before and after the introduction of the regulations.
Assuming that all firefighters must be at least 67 inches tall, how does this height restriction affect the wage the city must pay to attract five firefighters, and how does the restriction affect the gender composition of employment
What plan would you have implemented to improve the team activity and manage any change the team had to encounter?
Jonathan (a monopolist) maximizes profit by producing a quantity of 800 pillows where marginal cost is $2 and average cost is $4. Consumers are willing to pay as high as $10 per pillow when the quantity supplied is 800 pillows.
The firm's production manager claimsthat the firm's average cost of production is minimized at anoutput of 40 units. Furthermore, she claims that 40 units is the firm's profit-maximizing level of output. Explain whether these claims are correct.
Recognize the unemployment rate as an economic indicator for whirlpool, and describe why this indicator would be a good choice.
Suppose that government imposes same rate of unit tax (tax on consumer) to both labor. Show the changes in both markets.
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