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In a Solow-type economy, total national saving, St, is St = sYt - hKt. The extra term, -hKt, reflects the idea that when wealth (as measured by the capital stock) is higher, saving is lower. (Wealthier people have less need to save for the future.) Find the steady state values of per worker capital, output, and consumption. What is the effect on the steady state of an increase in h?.
A California grower has a 50-acre farm on which to plant strawberries also tomatoes. The farmer needs to know the number of acres of strawberries also tomatoes to plant to maximize profit.
Consider an auction with 1,000 risk-neutral bidders. It is know that these bidders have affiliated values. Based on this information we know the expected revenues for the different auction types will be
The business cycle is measured in terms of changes in real Gross Domestic Product and is associated with changes in the unemployment rate. The financial performance of most industries is affected by the business cycle, although not equally. Consider ..
Explore in particular how the two companies respond to the macroeconomic conditions in terms of their.
Why is that the pre-trade production points have a bearing on comparative costs under increasing cost conditions but not under conditions of constant costs?
In many states, including Florida, it is illegal to engage in price gouging. Florida’s law penalizes a seller for any “gross disparity between the quoted price of a ‘necessity item’ such as water, and the item’s price on the date that the governor de..
Met's preferences over consumption is defined by the following utility function: u(c1,c2) = min[c1,2c2] . Note, c1 is Met's consumption today and c2 is Met's consumption next period. Derive Met's demand for consumption today and consumption next peri..
The reason economists use the midpoint method to compute elasticity is that:
In dealing with China, what is meant by the “rule of man” and “legality of illegality?” Why are these realities a challenge to U.S. firm doing business in China? Consider both the legal and ethical aspects in your answer.
Suppose that annual income from a rental property is expected to start at $1,350 per year and decrease at a uniform amount of $55 each year after the first year for the 12-year expected life of the property. The investment cost is $8,200, and i is 9%..
Find the equilibrium level of GDP demanded in an economy in which investment is always $300, net exports are always -$50, the government budget is balanced with purchases and taxes both equal to $400, and the consumption function is described by the ..
Apples are bought and sold in a competitive market. Use a graph for the apple market and a graph for an individual firm to demonstrate that firms are earning economic profits. Explain, without using a diagram, whether the situation in (a) can be main..
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