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Consider the baseline AK model of Section 11.1 and suppose that two otherwise-identical countries have different taxes on the rate of return on capital. Consider the following calibration of the model: A = 0.15, δ = 0.05, ρ = 0.02, and θ = 3. Suppose that the first country has a capital income tax rate of τ = 0.2, while the second country has a tax rate of τ' = 0.4. Suppose that the two countries start with the same level of income in 1900 and experience no change in technology or policies for the next 100 years. What will be the relative income gap between the two countries in 2000? Discuss this result and explain why you do (or do not) find the implications plausible.
The return on stock A is 8% and the standard deviation is 4 %. The return on stock B is 9% and the corresponding deviation is 5%. Which stock is more desirable
A company's first year's operations can be summarized as follows: Revenues: $110,000 Expenses (except CCA): $65,000 Its capital asset purchases in the first year totalled $100,000.
A firm is operating in a competitive market. The firm has a cost function C(Y)=2Y^2+2 and marginal cost MC=4Y. If the price is $20. a) what will the maximum profit be b) If the inverse demand is given by P=30-Y, what quantity will the firm produce..
A farmer grows wheat, which he sells to a miller for $100. The miller turns the wheat into flour, which he sells to a baker for $150. The baker turns the wheat into bread, which he sells to consumers for $180. Consumers eat the bread.
A group of enterprising engineering students has developed a process for extracting combustible methane gas from cow manure (don't worry the exhaust is odorless). With a specially adapted internal combustion engine, the students claim that an auto..
A small business owner who owns/operates a snow removal company is planning to diversify and begin installing in-ground swimming pools to enhance his income for the next two years. He forecasts that he and his employees will be able to install16 i..
Golden Star Winery produces midlevel wines consumed primarily in North America. Given below is the projected income statement for the company for 2011. Projected Income Statement (2011) Sales (100,000 cases at $7 per case) $700,000 Cost of goods s..
In 2008-2009 the U.S. was in a deep recession and the tools of monetary policy had been used in an attempt to end the recession. Despite these efforts unemployment was above its natural rate and real GDP growth was below its potential rate.
1. Assuming that the input price is w = 1, compute the (short-run) competitive equilibrium price and quantity for any fixed number of firms, n. 2. Compute the long-run competitive equilibrium price and quantity.
"As long as increasing exports of less-skilled-labor-intensive manufactured products are leading to rising employment and rising real wages for its workers, a developing country has no interest in improving its educational system." Do you agree or..
ADVANCED ANALYSIS Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP
Beerco manufactures ale and beer from corn, hops, and malt. Currently, 40 lb of corn, 30 lb of hops, and 40 lb of malt are available. A barrel of ale sells for $40 and requires 1 lb of corn, 1 lb of hops, and 2 lb of malt. A barrel of beer sells f..
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