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In an economy production is characterized by the neoclassical function =K^.5*N^.5. Suppose it has a saving rate of .1, a population growth rate of .02, and an average depreciation rate of .03. a. Write this production function in per capita form and find the steady-state values of k and y. b. At the steady-state value of k, is there more or less capital than at the golden-rule level? c. Determine what saving rate would yield the golden-rule level of capital in this model. d. In the context of this neoclassical growth model, can a country have too much saving?
Why do Keynesian economists believe market forces do not automatically adjust for unemployment and inflation? What is their solution for stabilizing economic fluctuations?
All other things being equal, by how much will nominal GDP expand if the central bank increases the money supply by $100 billion, and the velocity of money is 3? Suppose now that economists expect the velocity of money to increase by 50% as a result ..
The local government does not directly charge their residents for collecting garbage. However, the city faces increasing marginal costs of MC=1+0.7Q per ton. Residents' market benefit for garbage is MB=250-1.4Q per ton. What are the total costs to th..
Illustrate what effect would customer expectations of substantial price increases in music players have upon the demand for portable music players in a completive marketplace
Calculate price elasticity at point S using the method E=ΔQΔP×PQ. Calculate price elasticity at point S using the method E=PP−A. Compare the elasticities in parts a and b. Are they equal? Should they be equal?
The impact of a budget deficit is: State and local governments issue ____ bonds that offer tax advantages, so they typically have _____ interest rates than bonds issued by the federal government and corporations.
If shoes and socks are complements and both are normal goods, show graphically what would happen to the consumption of shoes and socks if the price of shoes decreased. consumer incomes increased.
Write-down your own, or an imaginary person’s balance sheet. It should include assets (textbooks, etc.) and liabilities (student loans of at least $100, Money you owe to a friend, etc.). Don't forget to include net worth. [No need to write a long bal..
How does an increase in G affect the economy? Please show it using AD/AS frameowrk. How does an increase in income tax rate affect economy? Please show it using AD/AS frameowrk. Expansionary fiscal policy: what does it mean? How does it work?
During an episode of hyperinflation, people tend to do which of the following?
The demand equation for a company's product it Q = 500 - 3P + 2Pi + 0.1I where Q is the quantity demanded of its product, Pi is the price of its rival's product, and I is the per capita disposable income (in dollars). At present, p = $10, Pi = $20, a..
You have just purchased a house for $400,000, paid $24,000 for legal fees and $17,000 for renovations. The market price of the house does not change. If the sales tax on a house were 3% (to be paid by you if you sell the house), what is the sunk cost..
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