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Consider the model in Section 18.3.1, and suppose that all countries have the same labor force size Lj = 1, have the same ηj = η, and only differ in terms of ζj. Imagine that the cross-country range of ζj is the same as used in the quantitative evaluation of the neoclassical growth model in Chapter 8.
(a) Evaluate the impact of these differences in ζj on cross-country technology and income differences for different values of φ.
(b) What value of φ is necessary so that a 4-fold difference in ζj translates into a 30-fold difference in income per capita?
(c) How would you interpret the economic significance of such a value of φ? Is this a more satisfactory model of cross-country technology and income differences than the neoclassical growth model?
Find a pure strategy sub game perfect equilibrium, b, such that (p, b) is not sequentially rational for any system of beliefs p.
All costs are given in thousands of dollars and negligible salvage values are assumed at the end of a 50-year life. Using a social interest rate of 8% in the Benefit/Cost analysis, determine which project(s) should be selected if the alternatives ..
The company you work for has a high speed 5-axis milling machine which was purchased 5 years ago for $200,000 and has a 10 year life. This machine is currently idle and can be used to make a product designed by a research institute
Consider the following demand equations for two differentiated products produced by independent firms.For simplicity assume that costs are zero for both firms. Price reaction functions for the two firms can be derived as
Critically evaluate the microeconomic impact of any policy or Structural change or cyclical event. To critically evaluate microeconomic implications of a suggested Contemporary issue that affects consumers and businesses in Australia.
stephen zehnder an enterprising engineer wants to get into business. he is looking at the following two alternatives.
Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi's marginal rate of technical substitution is 0.15 (in absolute value).
The annual percentage salary increases for the chief executive officers of all midsize corporations are normally distributed with mean 12.2% and standard deviation 3.6%. A random sample of 81 of these chief executive officers was taken.
Disposable income will increase by the amount of the tax and consumption at each level of GDP will decline by the amount of the tax multiplied by the MPC.
1. suppose the demand for a product is given by p 50 - q. also the supply is given by p 10 3q. if a 12 per unit
Will the total revenue on any day be normally distributed?
Is this a significant improvement? What other classes would you add to the effort multipliers listed in Appendix 7A to improve the capability and accuracy?
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