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Consider the formulation of competition policy in Section 13.1.6.
(a) Characterize the equilibrium fully.
(b) Write down the welfare of the representative household at time t = 0 in this equilibrium.
(c) Maximize the welfare function derived in part b by choosing a value of γ.
(d) Why is the optimal value of γ not equal to some γ∗ ≥ 1/(1- β)? Provide an interpretation in terms of the trade-off between level and growth effects.
(e) What is the relationship between the optimal value of γ and ρ?
Among the most developed countries, the fraction of the population aged 15-64 is forecast to fall from 70% to 60% over the next 50 years as working-age adults move into old age. Among the least developed countries, the working age fraction of the ..
How might the mission and vision of the organization affect or guide you as an employee or manager in the company?
Computer Products Corp. sells peripheral equipment used by both private businesses and the government. Due to a recession, Computer Product's sales have declined by 100,000 units and it now has 200,000 units of excess capacity.
The balance sheet of a bank follows. Suppose that the reserve requirement is 3 percent on the f rst $30 million of checkable deposits and 10 percent on checkable deposits in excess of $30 million. (Amounts on the balance sheet are in millions of d..
How much tax of each type do you pay if you earn $20,000 a year Taking all taxes into account, what are your average and marginal tax rates What happens to your tax bill and to your average and marginal tax rates if your income rises to $40,000
He pays $50 per month in premiums and his deductible is $2,500. If he is involved in an accident that does $2,000 worth of damage to the boat, how much will he have to pay?
Since price-takers cannot charge their own price, they can select a quantity which suits them best. Presumably, they would select the profit-maximizing quantity. Suppose the typical wheat farmer's cost function is TC = 100,000 + 2Q + 0.005Q2 , Q co..
Consider two goods, Gorillas (G) and Chimpanzees (C). Your utility function for gorillas and chimpanzees is given by U(G,C)=ln(G)+C. Gorillas cost $10 each, and Chimpanzees cost $4 each. You currently have $200 to spend.
Derive an equation to find end of year future sum F that is equiv to a series of n beginning-of-year payments B at interest rate i. Then use the equation to determine the future sum F equivalent to six B payments of $100 at 8% interest.
The manager of a cheese-packing plant can use either people (labor) or cheese knivess (capital) to prepare packages of gouda. Based on estimates provided by an efficiency expert, the firm's production function for gouda is given by Q = 2K + L (MPK..
Some laboratory equipment sells for $75,000. The manufacturer offers financing at 8% with annual payments for 4 years for up to $50,000 of the cost. The salesman is willing to cut the price by 10% if you pay cash. What is the interest rate you wou..
The consumption function is: C = 200 + 0.75 (Y - T) The investment function is: I = 200 - 25r Government purchases and taxes are both 100 For this economy, graph the IS curve for the r ranging from 0 to 8.
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