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Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them,solve the social planner's problem and show the equations that characterize the optimal allocations.Then argue how a change in G would affect the choices (consumption , labor supply and also output) by the social planner.
a. Government expenditures increase household's utility by anotherterm in the utility function : log (G).
b. Government expenditures add to the existing private capital stock, so the capital stock of firms is now K+G.
You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firm's products are viewed as identical by most consumers.
Suppose you are advising a small country (such as Bermide) on whether to print its own money or to use the money of its larger neigher (such as the United States). What the costs and benefits of a national money.
How does the textbook model of fiscal policy compare to real life application of fiscal policy in the present? Specifically, why is the textbook model limited? What does it ignore? Be specific.
What could a president or other government policymaker do to raise a contry's standard of living.
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or demand for lavo. Identify and explain two factors that would increase or decrease the supply of labor.
A farm has 600 acres, andyou can plant either corn or soybeans (or both). An acre of corn gives $150 and anacre of soybeans gives $80. There are 2000 hours oflabor available; an acre of cornuses 4 hours and an acre of soybeans uses 2 hours. Formulate..
assume that the country is in a period of high unemployment interest rates are at almost zero inflation is about 2 per
Illustrate what effect does the current supply and current demand have on this product. Describe how each of the 4 factors contributed to the elasticity of the good.
germany consumers have 50 in income their gross domestice product. they spend 35 on consumer goods 25 on germany goods
Suppose that in Canada the opportunity cost of producing two television sets is three bushels of wheat. Suppose that in the United States the opportunity cost of producing 2 bushels of wheat is 3 television sets.
What if you lived on a tropical island with such abundant fish and game, fruits and berries, natural shelters like caves, and firewood that the citizens did not have to work and GDP was very low Would the citizens' sense of well-being be lower tha..
Suppose a firm has total cost function given by TC(Q)=10Q+70. What are its marginal costs when producing 10 units of output?
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