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Assume, instead, that the economy in exercise 19.10 lasts only for two periods. In the first period, there is only a young consumer. In the second period, there is one old consumer and a new young consumer. At the end of the second period, the economy terminates.
a. What is the equilibrium allocation for this economy?
b. Is it ancient?
c. What is the fundamental difference between this economy and that of exercise 19.10?
Exercise 19.10
A possible explanation for the indecency might be the fact that the consumers are not all alive at the same time and therefore some mutually advantageous trades cannot occur. Consider an economy where consumer t receives an endowment of 1 unit of the single consumption good at time t and obtains utility only from consumption at times t and t + 1. All consumers meet at time 0 to trade. What is the equilibrium? Is exigency restored?
If the Federal Reserve increases the money supply, what will happen to the AS-AD diagram you drew in part (a)? Will equilibrium output move closer to the natural level?
Assume the demand and supply equations are the same as those givenin Question 11. Now assume the government introduces either aspecific excise tax of T=2 (i.e. $2) per unit, or an ad-valorem tax rate of t=0.2 (i.e. 20%).
Calculate by hand a regression of the data for p on the data for e in Exercise 1.3, first using all 12 observations, then excluding the observation for Japan, and provide an economic interpretation.
in what ways have these firms been affected?
Carnack contracts to sell his house and lot to Willard for $100,000. The terms of the contract call for Willard to pay 10% of the purchase price as a deposit toward the purchase price, or as a down payment.
Create a log-linear model using the data as well. What is this function? Use the MWD test to decide which model is more appropriate. Predict output using a standard linear model. What is the function?
Calculate the multiplier (M) and equilibrium GDP for the following: Autonomous Consumption (dissaving) = 1200, G = 1850, I =1390, (EX - IM) = 270, and MPC = 0.72.
What are the profit-maximizing price that High-Tech should charge if they sell each product separately and what is the total price of the two goods?
Can you figure out the exact cutoff for the interest rate between profitability and nonprofitability 2. According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for $24.00 . If they had invested this amount ay an ..
Your firm has an opertunity to make an investment of $50,000. Its cost of capital is 12 percent. It expects after tax cash flow for the next 5 years to be the following: Yr1 - 10,000 Yr2 - 20,000 Yr3 - 30,000 Yr4 - 20,000 Yr5 - 5,000
Sara's income is $12 a week. The price of popcorn is $3 a bag, and the price of a cola is $3 a can. a. What is Sara's real income in terms of cola b. What is her real income in terms of popcorn
Tangent distance nearest-neighbors. In each case choose the number of neighbors by tenfold cross-validation. Compare the results.
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