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Suppose u(c, c') = ln c+β ln c' , there exists N consumers and each consumer lives for 2 periods. In each period they receive an endowment y, y' and are taxed t, t' . There also exists a government which spends G and G' . Finally there exist one period bonds B which exist in a frictionless market and for which both consumers and government have access to.
a. Derive the lifetime budget constraint for both the consumer and government
b. Define equilibrium of this economy
c. Solve for the equilibrium objects
Characteristics of Proprietorships what percentage of sole proprietorships is engaged in retail trade? Why might more sole proprietorships be engaged in services rather than manufacturing?
Illustrate what percentage does equilibrium cost level differ from its initial value if output increases to Y = 106 (and r remains at 0.10).
Define the concept of an externality. Why will unregulated market systems not allocate resources efficiently where externalities are present? Draw a diagram to illustrate the over allocation of resources to a market characterized by negative external..
Illustrate what is the supply of dollars in the market for foreign-currency exchange. Write down your answer since you will need it to answer the next question.
In current decades, women have worked more hours in paid jobs also fewer hours in up paid housework.
the loan results in a new checkable bank deposit in a different bank equal to the amount of the loan, explain by how much could the total money supply in the economy expand in response to Tracy"s initial cash deposit of $500.
The market demand curve is Q = 38 P. There are two Örms: Örm 1 and Örm 2. One Örm has MC = 2 and the other MC = 5. They choose outputs simultaneously (the Cournot model). (a) Find an equation for 1ís reaction curve. (b) Find an equation for 2ís react..
Assume a specific factors economy produces two goods, cloth and food, and that when representing the output of this economy graphically, cloth is on the x-axis and food is on the y-axis. movement of labor from a Foreign country to the domestic (Home)..
She is now considering raising her prices by 20 percent to offset the increase in her monthly rent.
A Material Requirements Planning (MRP) is most valuable in industries where a number of products are made in batches using the same productive equipment and with companies involving
If the world economy expands so that foreign demand for U.S.-made goods increases, in the short run Illustrate what will happen to aggregate demand, the price level, and real GDP in the U.S..
This is largely because the Chinese government makes sales in China contingent on a company's willingness to locate production there. The government wants Chinese companies to learn modern management skills from other international companies.
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