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(a) Show that in the model in Section 18.3.2, if population grows at some constant rate n > 0 in each country, there does not exist a steady-state equilibrium.
(b) Construct a variation of this model along the lines of the semi-endogenous growth models of Section 13.3 in Chapter 13, where the strong scale effect is removed and there is long-run growth at a constant rate (when population grows at the rate n > 0 in each country).
(c) Provide a full characterization of the steady-state world equilibrium in the case described in part b.
The banking market in Athens, Ohio, currently has four banks with market shares of 60 percent, 20 percent, 15 percent, and 5 percent. The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve.
The price of a stock is uniformly distributed between $30 and $40. a. What is the probability that the stock price will be more than $37 b. What is the probability that the stock price will be less than or equal to $32 c. What is the probability that..
Three students have each saved $1000. Each has an investment opportunity in which he or she can invest up to $2000. The rates of return on the students' investment projects are: Harry: 5% Ron: 8% Hermione: 20%.) If borrowing and lending is prohibit..
Twin cities in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports the mean of this distribution is $502 with a standard deviatio..
the marginal product of labor measured in units of output for a certain firm is given by mpn 309 - 2n. n is the
If the MARR is 15% per year and the analysis period is 12 years, use the Present Worth method to determine which alternatives are economically acceptable and which one should be selected. If the total capital investment budget available is $200,00..
Consider an increase in the lump sum transfer T. Use the concepts of income and substitution effects to explain why anincrease in the lump sum transfer will reduce the amount of labor supplied.
Suppose a monopolist faces the following demand curve: P = 140 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit maximizing level of output
a. Draw the demand and supply curves, before and after the tax. b. What will be the CS, PS, tax revenues and deadweight loss c. Suppose the government increases the tax to $4 per unit. What will be the new CS, PS, tax revenues and deadweight loss.
As part of a marketing study, the food king supermarket chain has randomly sampled 150 customers. the average dollar volume purchased by the customers in this sample was $31.14, that is , the sample mean from a sample of size 150 was $31.14.
In the economy of Wrexington in 2008, consumption was one-half of gdp, government purchases were $2000 more than investment, investment was one-sixth of gdp, and the value of imports exceeded the value of exports by $500.
The heat loss through the exterior walls of a certain poultry processing plant is estimated to cost the owner $3,000 next year. A salesman from Superfiber Insulation, Inc., has told you, the plant engineer, that he can reduce the heat loss by 80% ..
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