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(a) Will dynastic preferences, such as those discussed in Section 5.2, lead to infinite-horizon maximization if the instantaneous utility functions of future generations are different (ut(.) potentially different for each generation t)?
(b) How would the results be different if an individual cares about the continuation utility of his offspring with discount factor β, but also cares about the continuation utility of the offspring of his offspring with a smaller discount factor δ?
For the same loan described under Q3, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months re..
Inflation affects creditors and debtors. Suppose the Canadian debtors borrowed $100 from the Canadian creditors on December 31, 1992 and promised to pay back $105 on December 31, 1993.
Global Investment Group operatesin a perfectly competitive industry with the following Cost andRevenue data Average Total Cost = $2.50; Quantity sold =9000 Units; Price Per Unit = $3.50; Marginal Revenue = $3.50;Marginal Cost = $3.50:
Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react?
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x,y) = lnx + 2lny (MUx= 1/x; MUy= 2/y). a. Derive his demand functions for x and y. ..
the implicit price deflator was used to measure inflation before World War II, and the consumer price index has been used since then.
Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an e..
Digital, Inc., is a manufacturer and distributor of blank computer disks for residential use. Revenue and cost relations are: TR= $4,500Q - $0.1Q2 TC= $2,000,000 + $1,500Q + $0.5Q2 Where Q is the quantity produced and sold per week.
suppose that a researcher discovers that a measure of the total amount of debt in the U.S economy over the past 20 years was a better predictor of inflation and the business cycle than M1 or M2. does this discovery mean that we should define money..
the parents of a young child decide to make equal annual payments into a savingsaccount with the first payment being
Like Physical capital, human capital produced in the present can be applied to the production of future goods and services. consider the table in Problem, 2-11, and suppose that the nation's residents are trying to choose between combination C and..
Let MUa=z=10-x and MUb=z=21-2y, where z is marginal utility per dollar measured in units. x is the amount spent in product A. y is the amount spent on product B. Assume that the consumer that the consumer has $10
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