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In 2014, Thomas Piketty came out with a popular book, “Capital in the Twenty-First Century.” In it was a model not unlike the Solow growth model, discussing the long-run implications for the capital-to-income ratio, k/y. His model differs slightly from ours, and it’s nice to know how. In our typical model, we have: ct + it = yt k(t+1) = (1 − δ)kt + it
The traditional Solow growth model assumes: it (Gross Investment) = s (Gross output)
Piketty assumes: it − δkt (Net Investment) = ˜s(yt − δkt) (Net output)
What are the differences between the two? When is the behavior they predict different?
A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blow..
When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly.
OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to:
The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:
Donna buys goods X and Y. She can just afford the bundle X=6 and Y=11. She can also afford X=12 and Y=8.Each of these bundles exhausts her income. Draw Donna's budget line. What is the ratio of the price of x to the price of y? If Amy spent her entir..
Which of the following is true regarding a constant cost firm?
q1. throughout 2nd world war u.s. prisoners of war utilized cigarettes as a form of money. cigarettes were used to
An office supply company has purchased a light-duty delivery truck for $15,000. It is anticipated that the purchase of the truck will increase the company’s revenue by $10,000 annually, while the associated operating expenses are expected to be $3,00..
Using iterated elimination of dominated strategy (IEDS), find the equilibrium of the game below:
Explain the Public Policy Lifecycle utilizing a public policy Discuss how the importance of developing a viable Policy Adoption and what policy makers need to consider when adopting new or amending existing policies.
Read "Does a stock market crash affect the economy?" (Layton et al 2012, pp. 364–5) Immediately following the attack on the US on 11 Sept 2001, the stock markets plunged and many observers expected a recession in the US (and possibly elsewhere). Q) U..
You have $1000 to invest over an investment horizon of three years. The bond market offers various options. You can buy (a) a sequence of three one year bonds (b) a three year bond or (c) a two year bond followed by a one year bond. Compute the retur..
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