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Recall the split the dollar example discussed in class. In that example there are two individuals (A and B) and the set of possible allocations is
X = {(xA;xB) : xA > 0, xB > 0, xA +xB < 100}
Consider the following variation. The only difference is that now when two agents agree on (50, 50), each gets 20 as a bonus. What are the Pareto optimal allocations? (An allocation specifies how much each agent ultimately gets.) What the bonus associated with (50, 50) is 60 each?
To get an idea of how much those government rebate checks have spurred spending-and who's benefiting from the buying-business school professors Jonathan Parker (Northwes t ern) and Christian Broda (University of Chicago) analyzed the spending of 3..
Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard error of each estimated coefficient is given in parentheses below it. Also, th..
A country is described by the Solow Model with a production function y = \(k^{1/2}\) where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%. Assume that the depreciation rate is..
what uniform price will he charge and how much profit will he earn. The following figure shows the demand and marginal revenue for a monopolist, who has many buyers with different valuations of the good.
Suppose that the velocity of money is not constant but is growing at 1% per year. Real GDP is growing by 5% per year. If the central bank wants to reduce the rate of inflation to 3%, what must be the new rate of money growth? If the real rate if r..
The government is considering two policies: 1) in kind transfers of paper vouchers to families that can be exchanged for food or 2) a direct cash payment (of an amount equal to the value of the paper vouchers) that can be used for any purpose.
Derive the law of motion of capital per worker and draw the graph of the law of motion of capital per worker, and indicate the steady state.
State carefully the ceteris paribus assumption in this case. Do you think this simple regression of Y on X satisfies that assumption? Why or why not?
The demand for good X is given by: Qdx= 1,200-1/2Px+1/4Py-8Pz+1/10M Research shows that the prices of related goods are give by Py=$5,900 and Pz=$90, while the average income of individuals consuming this product is M=$55,000.
In 2012, the box industry was perfectly competitive. The lowest point on the long-run average cost curve of each of the identical box producers was $4, and this minimum point occurred at an output of 1,000 boxes per month. The market demand curve..
In the economy of Wrexington in 2008, consumption was one-half of gdp, government purchases were $2000 more than investment, investment was one-sixth of gdp, and the value of imports exceeded the value of exports by $500.
In this question we are going to incorporates investment in human capital by agents, in a form similar to physical capital. Labor units are replaced by human capital units Y = AK?(?H)1?? where • H ? Units of Human Capital • ? ? [0, 1] ? Fraction of..
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