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In the consumption savings model, assume that lump-sum taxes are zero and the utility function is given by U(c, c') = log c + β log c'. Suppose the government taxes on interest earnings i.e. borrowers face interest rate r while lenders face interest rate (1 - t)r.
What is the effect of introducing the tax rate on the consumer's budget constraint? Draw the constraint for borrow and lender.
What is the effect of the tax on a consumer who was initially a lender and is still a lender after the tax? (explain in terms of income and substitution effect)
Robert Lucas said that "...business cycles are all alike', yet from Chapter 3, we see that the times series of deviations from trend in real GDP is "choppy", and there is no regularity in either the amplitude or frequency of fluctuations in real GDP ..
If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the product will cause the quantity demanded to _____ by _____ percent.
Under a competitive market, a new tax will impose an economic burden,
What is probability that these 64 students will spend a combined total between $703.59 and $728.45.
How much profit does an unregulated monopolist earn. How much profit would be earned if MC pricing were imposed
The text notes that, if demand reversal were the cause of the Leontief paradox, then labor would be relatively cheap in the United States. Explain the reasoning behind this statement.
Three stores have a problem with theft, and security is a public good. Let’s use S to stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 100 –..
Prepare a report on the current state of the Australian economy and its management by the Federal government. You need to do this by examining the four economic indicators of economic growth (GDP), unemployment, inflation and trade (including the ter..
Define optimistic, most likelys, and pestimistic scenarios buy using both optimistic, both most likely and both pestimistic estimates. Use a life of 4 years as the most likey value. What is the present worth for each scenario
Compute the real GDP per person for this nation in 2001, in 2000 euros per person. Round your answer to the nearest euro.
Illustrate what will be the short run effect of government imposition of a lump sum tax per firm equal to 170? If this tax remains
An energy company orders metric tons of liquid natural gas that is used at the rate of 1,000,000 metric tons per year. Delivery lead time has averaged 8 days. What is the economic order quantity (in metric tons)? What is the total holding cost for th..
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