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Define the concept of convergence and conditional convergence. What are the predictions of the SOLOW model with constant productivity about both types of convergence.
Steve’s preferences for hamburgers (X) and chicken sandwiches (Y) can be represented by u(X,Y)=X 0.5Y 0.5. Graphically decompose the total effect of the price change into an income effect and substitution effect. Plot hamburger consumption on the hor..
Borrowing in the form of debt is riskier than borrowing in the form of equity. Explain why this is true.
Between 1995 and 2000, the S&P 500 more than doubled as the U.S. experienced a technology-driven stock market boom. How does a stock market boom affect GDP? Your answer should include a discussion of the impact on relevant components of GDP.
Find the demand for L and R. (Hint: Use your result from part 3 and the budget constraint.) Now assume that the price of right shoes increases. What will be the substitu- tion eect from this price change? Explain.
Assume that the demand for iron (the primary component of steel) is Q = P^(-a)? , where the exogenous parameter a>0 takes some fixed value. For all parts assume that the iron market is in equilibrium. Find the inverse demand curve for iron. Does the ..
The manager of Green Chemical Co. has been informed that this year’s production target Q for organic fertilizer (in millions of tonnes) is 20. The manager is asked to allocate the production across the company’s two plants. How should the manager all..
When a computer firm is producing a level of output at which MC is greater than price, from society's standpoint the firm is producing too
Suppose that inverse demand is given by D(Q) = 56 − 2Q, Q = q1 + q2 and the cost function is TC(qi ) = 20qi + f (a) Find the limit output for fixed costs ( f ) equal to 50, 32, 18, and 2. (b) What is the SPNE for the entry game with the following tim..
Distinguish between an absolute advantage in trade and a comparative advantage. Explain why it is possible to have a comparative advantage in the production of a good, but not an absolute advantage.
Consider the following game. Player 1 is either "Friendly" (with probability 2/3) or "Mean" (with probability 1/3), and decides to Smile or Not Smile. A Friendly type has no cost of smiling, but a Mean type has a cost of 4. draw the extensive form of..
Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1)
Use supply and demand model to explain the dramatic rise in the price of a college education.
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