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Consider the previous exercise and suppose that the introduction of social security induces the individuals to retire in period 2. So they receive no labor income in period 2.
a. What is the new optimal consumption in each period? How much do the consumers save? How does it compare with previous exercise? Explain.
b. Now building on this example, should the actual social security system lead to early retirement? Why or why not? What is the evidence on the impact of social security on the retirement decision in the United States and elsewhere?
Show that they behave as they would in a perfect-foresight model when anticipated and as they would in the standard AS-AD model when unanticipated.
What is Sam's compensating variation for the proposed policy? Can you compute it without knowing his preferences? Why or why not?
One year ago, you bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calculate the real return.
Could currency at least be eliminated? How? (Lest all this seem too unworldly, you should know that some people are beginning to talk of a "cashless economy" in this century.)
The Oceanic Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna. The latter method involves the use of miles of net strung out across the ocean and therefore entraps other sea creatures be..
What is the effective rate of protection on the process of turning corn into ethanol?
find the Hicks-compensated demand function of the following utility function: u(x1,x2) = x1.x2 + x1 I have found Marshall demand function, but I doubt how I find the Hicks-compensated. Is there anyone who can help me with that?
what is the case against an increase in the gas tax to the European level?
Normal people are willing to pay $250 and their desire to purchase doesn't vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iphone. Assume that there are equal numbers of each customer type and the MC of..
Ten bidders in an oral auction have the following values for an antique clock ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1). If bidders of the $10 and $9 bids collude and bidders of the $3, $4, and $5 bids collude, what will the winning price be?
A recent internal study revealed that this client's demand for your software is Q^d = 100 - 0.1P and that it would cost you $500 per unit to install and maintain software at this client's site. the profit that results from charging this client a si..
For which method is the standard deviation the largest? Why should one expect this method to have the largest standard deviation?
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