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Consider the model analyzed in Section 13.4.
(a) Show that the allocation described in Proposition 13.6 always involves finite utility and satisfies the transversely condition.
(b) Show that in this model there are no transitional dynamics.
(c) Characterize the Pareto optimal allocation, and show that the equilibrium growth rate in Proposition 13.6 is less than the growth rate in the Pareto optimal allocation.
Explain how the purchase of additional capacity (even if it is never used) can make the previous behavior rational. What is meant by additional capacity in practice?
Suppose that velocity is constant and the economy's output of good and services rised by 5% each year, what will happen to nominal GPD and the price level next year if the Fed keeps the money supply constant
A machine has an initial cost of $500,000, and was estimated to have a salvage value of $30,000 at the end of its 7 years useful life. The machine is expected to generate annual net savings of $125,000. A loan of $200,000 at 7% interest will help ..
Suppose that the low-skill job market is perfectly competitive and that the equilibrium wage and monthly output in the market absent government interference are $4.50 per hour and 1,000,000 hours.
Q1 kilowatts are produced at facility 1, and Q2 kilowatts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 8,000 + 6Q12and C2(Q2) = 6,000 + 3Q22, respectively. Determine the pro..
CrystalWater Pty Ltd and ClearWater Pty Ltd are the only producers of spring water in the local market. The market demand for spring water is given by P = 70 - Q1 - Q2. CrystalWater and ClearWater compete by choosing quantities Q1 and Q2
The Metropolitan Symphony in Toledo, Ohio, has had great success with a "Senior Citizens' Night" promotion. By offering half off its regular $20 admission price, average nightly attendance has risen from 4,000 to 6,000 persons.
The private firm has a TEP level that is three times as high as the SOE: Ap = 3x As x the production functions are Yp=Ap x Np and Ys=As x Ns, where Np+Ns=1. The SOE employs three quarters of the work (Ns=3/4).
Suppose you are a monopolist operating two plants at different locations. Both plants produce the same product; Q1 is the quantity produced at plant 1 and Q2 is the quantity produced at plant2.
Use the modified benefit-cost ratio method and a MARR of 10% per year to determine which alternative, if any, should be recommended to the city council. Use incremental analysis method with modified B-C ratio based on AW.
the equilibrium national income is €100,000. thegovernment estimates that full employment would be achieved atalevel of income of €110,000. the mpc=.8, the mpm=.3 a)how much of government spending would be needed to achieve full employment
Engineering Economics 6th edition, Mountain Pass Canning Company has determined that any one of four machines can be used in one phase of its canning operation. The costs of the machines are estimated below, and all machines have a 10-year life.
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