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Write down an individual’s optimization problem regarding consumption of good and bad behaviors using the Bellman equation representation of lifetime utility (as we did in class). Be sure to include the budget and time constraints and any constructs (i.e., probabilities) that capture uncertainty about the future. In words, what is uncertain in the future to an individual today?
Using the framework above, suppose the individual also values health (i.e., receives utility from health) and that the good and bad behaviors impact health evolution (i.e., how health evolves from one period to the next)? How would you show this in the Bellman formulation and what “constraint” would you have to add (i.e., what function or process needs to be defined)?
Discuss the Current Economy of the US and/or World. Discuss issues such as: What is currently occurring? How is it affecting people and businesses. How is it affecting the local, regional, national, and world markets? How are local and state gov'ts b..
Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function. How much time will Thoreau spend in leisur..
What is the annual worth for option A if the initial cost is $100 and there is a uniform annual benefit of $10 for an infinite time frame? Interest rate is 8%. Do not put $ in answer.
Parts of research paper about Starbucks that summarizes first It focus on a domestic (American) operations, and second with its global issues.
Consumption in year three is $200, investment in year three is $100, government spending in year three is $150, exports in year three are $100, imports in year three are $150. Prices for everything in year one are $20, in year two prices for everythi..
Use supply-and-demand analysis to answer the following question. This means using Figure 1 below actively (or drawing your own graphs). Assume that supply-and-demand analysis is in fact applicable in all the relevant markets. (a) Assume fertilizer pr..
Roy is a single person. He earned $75,000 last year. Among his expenditures last year were $10,000 on interest on his home mortgage, $2,500 payment on the principle of his home loan, $700 in charitable contributions, and $392 for food. And the person..
A manager from a developing country is overseeing a multinational's operations in a country where drug trafficking and lawlessness are rife. One day, a representative of a local "big man" approaches the manager and asks for a "donation" to help the "..
Explain, in your own words, what a "store within a store" is. Provide 3 situations where this could work. Explain the logic behind your decisions.
A sports store puts designs 12 different designs on sweat shirts. Setup between each design takes an hour and costs $18,000. Once setup, at a cost of $8,000 they can produce 1,000 units. Does this production exhibit scale economies or scope economies..
Given the following demand and cost conditions for a monopolistic medical practice, predict the proft-maximizing price and quantity of services utilized
A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate. What is the monthly payment? How long does it take to pay off the mortgage, if $1,000 per month is paid? How long does it take to pay off the mortgage, if double payments are mad..
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