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Consider the baseline endogenous technological change model with expanding machine varieties in Section 13.1. Suppose that x now denotes machines that do not immediately depreciate. In contrast, once produced, these machines depreciate at an exponential rate δ. Preferences and the rest of the production structure remain unchanged.
(a) Define the equilibrium in BGP allocations.
(b) Formulate the maximization problem of producers of machines.
(c) Characterize the equilibrium in this economy, and show that all the results are identical to those in Section 13.1.
The two sample sizes were 12 for children under 12 and 15 for children 13 to 17 years of age. Further, the standard deviation for children under 12 was 51.7, while the standard deviation for children 13 to 17 of age was 67.6.
Suppose capital is fixed at 16 units. If the firm can sell its output at a price of $100 per unit and can hire labor at $25 per unit, how many units of labor should the firm hire in order to maximize profits?
Consider the market for rainbow sandals. Suppose average household income increases from $44,000 per year to $61,000 per year. As a result, the demand for rainbow sandals increases from 427 to 535.
Suppose the government increases the retirement age to 75. Thatis, workers will not be eligible for full retirement benefits untilthey are 75. What effect will this have on aggregate supply
a firm in a purely competitive industry has a typical structure. the normal rate of profit in the economy is 5 %. this firm is earning $5.50 on every $50 invested by its founders. what is the percentage rate return ? is the firm earning an economi..
Per capita GDP in country A and country B is $10,000. Country A's government creates policies and institutions that result in economic growth of 1.5% per year. Country B's government creates policies and institutions that result in 3% economic gro..
Say that investment increases by 100 for each interest rate drop of 1 percent. Say also that the expenditures multiplier is 3. If the money multiplier is 5, and each 5-unit change in the money supply changes the interest rate by 1 percent, what op..
Which policy-the one in part (d) or the one in part (e)-do you think is more dangerous to the stability of the economy?
Buy a new car for $14,500. Salvage value is expected to be about $5000 after 3 years. Maintenance and insurance cost is $1000 in the first year and increases at the rate of $500/year in subsequent years. Daily operating expenses are $50/day.
Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per oran..
Estimate a logit model to predict delinquencies in terms of the other variables in the data set. Enter McFadden's R-squared in the box below.
Pick one of the variables that are significant at a 5% error level and explain what the slope estimate means (explain it in a way that someone outside the class would understand, and use the numerical value of the estimate in your answer.)
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