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Consider the baseline neoclassical growth model with no population growth, no technological change, and preferences given by the standard CRRA utility function (8.49). Assume, however, that the representative household can borrow and lend at the exogenously given international interest rate r∗. Characterize the steady-state equilibrium and transitional dynamics in this economy. Show that if the economy starts with less capital than its steady-state level, it will immediately jump to the steady state by borrowing internationally. How will the economy repay this debt?
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic.
A student wants to buy a car. The car's sticker price is $24,000. The student cannot afford the dealer's terms - 12% interest for 60 months, because the student only has a $500 monthly disposable income. What is the highest rate the studen..
You have the chance to buy either one of two bonds. The first is a tax-free municipal with a coupon yield of 6.5%. The second is a corporate bond with a yield of 8.5%. Both bonds are rated AA. Your tax rate is 28%.
Real gdp per capita Labor productivity What was the growth rate of the population between 2008 and 2009, round to the nearest percent ?
Since September the RIAA has filed hundreds of lawsuits against music pirates, claiming "egregious" copyright infringement and seeking up to $150,000 per violation. Many defendants have settled out of court for up to $10,000.
My brother has a house worth $400,000 and he has no mortgage as it is paid off! His utility bills and insurance and maintenance cost him about %500 per month and property taxes another $500 per month. He claims it only costs him about $1000 a mont..
Suppose in the banking system as a whole, demand deposits are equal to $80,000,000 and reserves are equal to $17,000,000 with a legal reserve ratio of 10%. If the Fed doubles the required ratio, by how much will the money-creating potential
a.) The fixed cost of producing 10 units of output. b.) The variable cost of producing 10 units of output. c.) The total cost of producing 10 units of output. d.) The average fixed cost of producing 10 units of output.
A major advantage of production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method.
A certain area has 7500 workers who are willing to work at any salary. The area has two places of employment, A and B. At A, the value of the marginal production of the workers is w = 1800-0.1L At B, it is w = 1800-0.2L
Suppose Joe, Louie, and Rebecca compete in the Bertrand ready-mix concrete market described in Section 19.2. Show that in any Nash equilibrium, all sales must occur at a price of $40 (equal to marginal cost). Extend your argument to show that this..
Suspose kate is an avid reader and buys only comic books. Kate deposits 2000 in a bank that pays an annual interest rate of 20%. At the time of her deposit a comic book cost $10.00. Intially, the purchasing power of kates $2,000 deposit.
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