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Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations that characterize the optimal allocations. Then argue how a change in G would affect the choices (consumption , labor supply and also output) by the social planner.
a. Government expenditures increase household's utility by another term in the utility function : log (G).
b. Government expenditures add to the existing private capital stock, so the capital stock of firms is now K+G.
Consider a Stackelberg duopoly game of quantity competition. Firm #1 is the "Leader" and firm #2 is the "Follower." Market demand is given by the inverse demand function p=1000-4Q.where Q=q1+q2 is the total output of the two firms.
Consider the following information below for Pat's Pizza Restaurant and answer the questions below: Marginal Product of Capital: 4,000 Marginal Produce of Labor: 100 Wage Rate: $10 Rental Price of Pizza Ovens: $500 a) Is the owner of Pat's Pizza Rest..
Consider the following short-run production function ( where L =variable input, Q=output): Q=10L - 0.5 L2 Suppose that output can be sold for $10 per unit. Also assume that the firm can obtain as much of the variable input (L) as it needs at $20 p..
in the keynesian cross, the consumption function is c=200+0.75(Y-T). planned investment is 100, govt purchase and tax are both 100. a)graph planned expenditure as a function of income. b)what's the equilibrium level of income.
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit.The firm's total costs are C ( Q) = 40 + 8Q +2Q2. a.How much output should the firm produce in the short run
Jim Duggan made an investment of $10,000 in a saving account 10 years ago. This account paid interest of 5½% for the first 4 years and 6½% interest for the remaining 6 years. The interest charges were compounded quarterly.
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
w=10, r=25. The price of output is constant at $50. The production function is f(L,K) = L^.5K^.5.If the current capital stock is fixed at 1600 units, what is L* in the short run How much profit will the firm earn
A monopolist has two types of customers.There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8 Neither is willing to purchase additional units at any price. If it must charg..
Suppose that an initial $40 billion increase in investment spending expands GDP by $40 billion in the first round of the multiplier process. If GDP and consumption both rise by $36 billion in the second round of the process, what is the MPC in thi..
consider an economy that produces only two goods fresh apricots and dried apricots. in this economy the technology of
In your project, address the following questions: Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on tax rev..
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