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Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. Conditional on being employed today, the probability of being fired is δ=.05; and conditional on being unemployed today, the probability of finding a job is ω=.5
a) What is the probability of staying employed? (b) What is the probability of not finding a job? (c) Suppose that we know that today (Monday) the fraction of people who are employed is 0.95, what is the fraction of people employed tomorrow (Tuesday)? (d) What is the steady state level of employment?
Market for this commodity is characterized by perfect competition. Government steps in and levies a unit tax of 10 on this commodity. Illustrate what is revenue raised by government through this tax.
Find out the Nash equilibrium prices of the procedures at the hospitals. find out the profit maximizing monopoly prices of the procedure at each hospital.
How does this relate to idea that diminishing marginal utility must be understood in context? Many people buy too much on their credit cards, even though they knows they will be sorry when y get their bill. Relate this fact to idea of time inconsi..
What global social interests or responsibilities, if any, do we have as consumers to the losers of globalization? Discuss and justify your postings and responses with other students in our course.
Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back..
Explain why an industry in a perfectly competitive marketplace would choose to remain in business, if its profit is zero at equilibrium.
Given the current condition of the US economy, do you think US policy makers would prefer to see the $ rise in value, decline in value or stay at its current value? Discuss the advantages and disadvantages to the US economy at this time of a stronger..
Explain why such an amendment, if strictly enforced, would force the government to enact a contractionary fiscal policy whenever the economy experienced a severe recession.
Discusses three different types of returns. Identify the item in the list below that is NOT one of those three types of returns.
Each year a sample of applications is taken to see whether the examination scores are at the same level as in previous years. Illustrate what is your conclusion based on this value.
Suppose which equilibrium income is 3200 also the multiplier is 2.38. Equilibrium income would rise to 3400 if planned investment.
A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, they believe that 35% of new purchasers in the market will ultimately try this brand. Calculate the long-run market share that the ..
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