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Consider the following variant of the economy in Section 9.1. The utility of the individual indexed i = j is
where β ∈ (0, 1), and each individual has one unit of the good with the same index as his own.
(a) Define a competitive equilibrium for this economy.
(b) Characterize the set of competitive equilibria in this economy.
(c) Characterize the set of Pareto optima in this economy.
(d) Can all Pareto optima be decentralized without changing endowments? Can they be decentralized by redistributing endowments?
Suppose that the domestic country wants a money supply level that equalizes the fundamental value of the exchange rate and the fixed rate of 50 crowns per franc. What level of the domestic money supply achieves this goal?
A consumer has a monthly budget of $100 for buying breakfast which he spends entirely on donuts (x) and breakfast burritos (y) from his favorite fast food restaurants. Donuts cost 50 cents each and Burritos cost $1 each.
Determine the present worth of 5 annual deposits of $1,200 at the end of years 1 through 5, followed by 4 equal annual withdrawals of $700 at the end of years 4 through 7. Note that both years 4 and 7 will have a depsoit and a withdrawal. Interest..
The construction of a dam will cost $1,000 at time 0, $500 in year 1, $500 in year 2. It will be completed at the end of year 2. Beginning in year 3, maintenance costs will be $100 per year through year 10. From years 11 on, maintenance costs will..
A student wants to have $100,000 at graduation 4 years from now to buy a new Tesla. His grandfather gave him $20,000 as a high school graduation present. How much must the student save each year if he deposits the $20,000 today
A purely competitive firm finds that the market price for its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all succcessive units.
Suppose there are four oil producers in the crude oil market, A, B , C and D. The marginal cost of A is $10. The marginal cost of B is $12. The marginal cost of C is 13. The marginal cost of D is $15. Note that in all three cas..
There are 20 million households in Country X and 4 million of them are below the poverty line. What is the poverty rate for Country X?
Find information about labor market statistics of your local community over the last 3 years
Why is self-regulation by the audit profession in the US no longer in place?
the solar energy company is producing electricity from a solar source by using a large array of solar cells and selling
What is your fixed cost of doing business
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