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a. Describe any 3 measures of Inequality. For each measure, explain whether it satisfies the axioms of 1) Anonymity, 2) Population invariance, 3) Relative income principle, 4) Dalton principle
b. Using the Galor-Zeira model, describe how initial inequality in a society may get exacerbated over time. What impact does the initial level of inequality have on the long run per capita income of a country? How does this relationship differ between rich and poor countries?
c.What is the Kuznets curve hypothesis of inequality? Discuss the possible channels through which the hypothesis might hold. What are some of the limitations of the Kuznets hypothesis?
Hugo has a concave utility function of U(W) = W^0.5. His only asset is shares in an Internet start-up company. Tomorrow he will learn the stock's value. He believes that it is worth $144 with probability 2/3 and $225 with probability 1/3. illustrate ..
The alumni agreed to buy his remaining years on the contract by paying him the equivalent present sum, computed using a 12% interest rate.
Compute the profit-maximizing price and output levels assuming Pear acts as a monopolist for its product. Determine the total contribution to profits and fixed costs from the solution generated in Part (a).
The wage in Mexico is $5. The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
According to the Solow model, Japan had a __________ growth rate of output per capita than the U.S. during the 1960s and 1970s because ____________.
You win the $20 million state lottery, and you have a choice of taking an amount of money per year for the next 20 years or a flat payment now. The flat payment that the state offers you is $9.82 million. What discount rate is the state using?.Should..
If the steady-state rate of unemployment equals 0.125 and the fraction of unemployed workers who find jobs each month (the rate of job findings) is 0.56. What is the fraction of employed workers who lose their jobs each month (the rate of job separat..
How can understanding what kind of learner you are help you to determine which type of document would help you understand better: process explanation or instructions?
The price-quantity combination found where the supply and demand curves intersect is a unique combination that is efficient because
Suppose Canada has 100 workers and 160 units of capital whereas Mexico has 100 workers and 70 units of capital. Also suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 un..
Why are vocational and career development personnel recognizing the need to prepare students with higher order decision-making and problem-solving skills that will facilitate negotiation and conflict resolution in the workplace?
Super Tennis Co is in the business of designing and manufacturing running shoes for long distance runners. They are considering a $500 million upgrade to their production line for the iPhone/iPad/ iWatch connected shoe that has Bluetooth connectivity..
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