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(Continuation of previous exercise) Suppose that the average price of a VCR during the same time period was governed by the rule p = 820 - 50t.
(a) Find the price and total revenue from sales for 1990, 1994, and 2000.
(b) Find the rate of change of total revenue for 1990, 1994, and 2000.
Using (13.44) and the choice of numeraire in (13.45), set up the household maximization problem in the form of the current-value Hamiltonian (derive the budget constraint explicitly). Derive the consumption Euler equation (13.46).
Suppose the money supply grows at the rate between periods t1 and t, find seignorage income in period t. Show that seignorage income is monotonically increasing in and bounded above. Find this upper bound in terms of the structural parameters of t..
Currently at a price of $1.00 each 100 popcicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run a price increase from $1 to $2 is a unit -elastic (Es =1.0)
The demand for haddock has been estimated as log Q=a+b log P +c log I + d log Pm where Q= quantity of haddock sold in New England P= price per pound of haddock I= a measure of personal income in the New England region Pm= an index of the price of ..
The price of a good to be sold by a Monopoly is $0.50. The market has an elasticity of demand (n) of 5. a. What is the mark-up and what is the Marginal cost b. What would this look like for a perfectly competitive market
Plot the MC curve on the same graph as the ATC curve, and verify that it cuts the ATC at its minimum point.
Health Care Information Systems are important in dispensing of information throughout the organization. You will develop a research paper on a health care technology that has become essential to the sharing of information via electronic communicat..
The loss function for a decision problem is given below. Find the minimax solution to this decision problem
If the local government can enforce a rent-control law that sets the maximum monthly rent at $1000, will there be a surplus or a shortage? Of how many units? Explain how the market can adjust?
If this really were the LM curve that we thought best characterized the economy, would we lean toward the use of fiscal policy or monetary policy? (You may assume your goal is to affect output.)
Is there an opportunity for beneficial exchange?
a)Compute the equivalent annual inflation rate, based on the US Consumer Price Index, for the period 1981 (when CPI was 90.9) to 1986 (when CPI was 109.6) b)Using the equivalent annual inflation rate computed in part (a), estimate the Consumer Pri..
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