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Consider the canonical OLG model with log preferences,
for each individual. Suppose that there is population growth at the rate n. Individuals work only when they are young and supply one unit of labor inelastically. Production technology is given by
where A(t + 1) = (1+ g) A(t), with A (0) > 0 and g > 0.
(a) Define a competitive equilibrium and the steady-state equilibrium.
(b) Characterize the steady-state equilibrium, and show that it is globally stable.
(c) What is the effect of an increase in g on the equilibrium?
(d) What is the effect of an increase in β on the equilibrium? Provide an intuition for this result.
In the last month, the price of gasoline increased by 20%. Your job is to determine what caused the increase in price: a change in demand or change in supply. Ms. Info has all the numbers associated with the gasoline market and she can answer a si..
Public sentiment now changes such that depositors cut their cash holding in half and deposit the other half in time deposit accounts. The reserve requirement on DDs remains 25%, on TDs it remains zero, “m” remains 0, and banks continue to hold no ex..
The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market.
Much to the surprise of the licensers, the price of the licenses was zero: No one was willing to pay a positive amount for a pet grooming license.
Executives estimate that they will have gross revenues of $500,000, total costs of 300,000, 30,000 in allowable tax deductions, and a one time business start up credit of 8000. What is taxable income for the first year.
Discuss the positive or negative impacts of competition in healthcare on the patient.
in short run total cost,variable cost,and fixed cost curves and in the other,the short run marginal cost,average total cost,average variable cost,and average fixed cost.
Jean-Pierre consumes only apples and bananas. He prefers more apples to less, but he gets tired of bananas. If he consumes fewer than 28 bananas per week, he thinks that one banana is a perfect substitute for one apple
A useful piece of depreciable property was bought for $20,000. If it has a useful life of 10 years and a salvage value of $5,000, how much will it be depreciated in the 9th year, using the 150% declining balance schedule
What if the net foreign debt were 100 percent of GDP? At what point do you think a country's government should become worried about the size of its foreign debt?
Would knowing this information change the way in which you extract and load data into the data mart from the OLTP system?
If quantity of money is $3 trillion, real GDP is $10 trillion, the price level is ..09, the real interest rate 2 percent a year, and the nominal interest rate is 7 percent a year, calculate the velocity of circulation, the value M times V, and nom..
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