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Consider an economy in which the amount of investment is equal to the amount of savings (i.e., the economy is closed to international flows of capital). Any output that is not saved is consumed. The production function is y=Akα. Find the value of γ, the fraction of output of income that is invested, that will maximize the steady-state level of consumption per worker. (This is called the "golden rule" level of investment) How do you interpret that?
Use a production possibilities frontier to illustrate the production options. Be sure to label your drawing. Identify a point that is efficient.
If a second McDonald's franchise, Mac Junior, was to move into Obscure City. Elucidate what is the market price that would prevail at equilibrium in a Cournot oligopoly.
Explain the difference between adverse selections also moral hazard in insurance marketplaces.
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What is the impact of a tax cut in an economy operating under a fixed exchange rate regime on household spending, interest rates.
Illustrate what will be the most likely new equilibrium price level and output.
You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation.
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If you were a supplier to the furniture producer, would have chosen to see the analysis performed in physical sales units rather than dollars of revenue.
If he is an expected utility maximize who tries to maximize the expected value of ln W, where ln W is the natural log of his wealth, Explain how many coupons would it is rational for him to buy.
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