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Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest. Sector E sells 30% of its output to A, 35% to M, and 25% to T and retains the rest. Sector M sells 30% of its output to A, 15% to E, and 40% to T and retains the rest. Sector T sells 20% of its output to A, 10% to E, and 30% to M and retains the rest.
a. Construct the exchange table for this economy.
b. [M] Find a set of equilibrium prices for the economy.
A tobacco company is interested in hiring a salesperson to promote smoking cigarattes in nightclubs. The position pays a flat salary of $50,000, regardless of sales levels. During their first year on the job, what are the expected sales of Patty and ..
In 1990, the ratio of Japanese to US labor productivity in the steel and consumer electronics industries were estimated to approximately 1.4 and 1.12. What country has the comparative advantage in producing steel and what country has the comparative ..
Calculating savings using the goods market equilibrium. Assume a closed economy (NX = 0). Suppose net taxes are $100 billion. Government spending is $125 billion. Investment is $50 billion and consumption is $100 billion. Calculate public savings, pr..
What are the benefits and challenges when implementing Industrial policy? How does comparative advantage relate the implementation of industrial policy?
Explain by how much will aggregate demand at current prices shift initially (before multiplier effects) with a$70 billion increase in government purchases.
Now consider what new challenges come from producing in foreign locations. For your new global product/service: How should wage rates be determined? What about other parts of a compensation plan such as vacation days and health care packages?
In a slow growth model of an economy with population growth but no technological change, which of the following will generate a higher steady-state growth rate of total output?
Paul owns a home on the top of a hill and enjoys an unobstructed view of a large wooded area.
A rather wealthy man decides to arrange for his descendants to be well educated. He wants each child to have $60,000 for his or her education. He plans to setup a perpetual trust fund so that six children will receive this assistance in each generati..
Suppose that the public wishes to hold $0.35 in pocket money (currency and coin) and $0.25 in time and savings deposits. Suppose that banks wish to hold $0.20 for each new dollar of transaction money received. Suppose that $0.05 finds its way outside..
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $4 and the price of soybean feed is $5, what is the cost minimizing feed combination producing P ..
Find the optimal consumption bundle. Suppose that the consumer experiences an increase in real wage. Find the new optimal consumption bundle and determine the income and substitution eects. Clearly indicate both eects on consumption and leisure chose..
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