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Consider the Lee-Malthus model as presented in lecture with the following modification: Suppose now that the birth schedule is not a concave function of wages but rather a convex function of wages. Furthermore, assume that the birth and death schedules meet at an equilibrium point (w*), but that at wages greater than w*, b(w) < d(w). Draw and label the diagram, and be sure to label the curves and the axis in the diagram(s). Label the equilibrium wage as w* and the equilibrium population as p*. Now suppose that there is technological change (an increase in the marginal productivity of labor). Draw this change in the diagram. Describe, in words, what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run? Does the Iron Law of Wages (where Malthus asserted that technological change would not improve human living standards) hold in this case? Why or why not?
Calculate velocity of money when price level is 10, national quantity of output is $200 billion and money supply is $250 billion.
Derive the simple bid-rent function for a model with only firms. Illustrate what factors can cause the city to grow larger.
Calculate the output level and price that maximizes total revenue.
Suppose that U.S. citizens start saving more. What does this imply about the supply of loanable funds and the equilibrium real interest rate. Explain what would happens to the real exchange rate.
Define the terms decision management and decision control. Under what situations might it be optimal to make one individual responsible for both decision management and decision control?
The fact that a percentage of the interest income paid by one corporation is excluded from taxable income has encouraged firms to use more debt financing relative to equity financing.
Compute the t-statistics for each variable and explain what is inferences can be drawn from them.
Find out the optimal price-quantity if the firm is not able to price discriminate.
How much profit will monopolist make if she maximizes her profit. llustrate what would be value of consumer surplus if market were perfectly competitive.
Economists discuss that there is an efficient amount of pollution abatement. Why is the efficient amount of abatement unlikely to be either zero or 100 percent?
Explicidate that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale as long as there is some point that yields a positive profit.
you should note whether the scenario indicates a shift of the curve or movement along the curve. you are a supplier of widgets. What technology available to produce your product suddenly improves.
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