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Consider the neoclassical growth model with physical and human capital discussed in Section 10.4.
(a) Specify the consumer maximization problem in this economy.
(b) Define a competitive equilibrium (specifying firm optimization and market clearing conditions).
(c) Characterize the competitive equilibrium, and show that it coincides with the solution to the optimal growth problem.
1. The cross price elasticity of demand between goods X and Y is -3.5. If the price of X decreases by 7%, the quantity demanded of Y will ___. 2. What is the horizontal intercept of the budget line, given that M = $1,000, PX = $50, and PY = $40
Alex is the manager of a division of a paper firm that produces copier paper and sells it on the wholesale market. His firm's output represents about 1.5% of total copier paper sales. The wholesale price of copier paper is $3.95 per standard packa..
Assume a depository institution holds vault cash of $3 million, reserve deposits at the Fed of $25 million, and has borrowed $2 million from the Fed's discount window. If that institution holds $300 million in transactions deposits and is subject ..
Consider an individual with preferences over consumption c and leisure l given by: u(c,l) = [(c^(1-γ ))/(1-γ)] + al where γ > 0 and a > 0 are constants. She is endowed with h hours of time to divide between working at wage w and leisure. She has no..
Prove that (10.25) implies the existence of a relationship between physical and human capital of the form h = ξ(k), where ξ(.) is uniquely defined, strictly increasing, and differentiable.
New technology has increased the productivity of solar panel producers.
How do you think it might have affected the economy over the past decade?
Create a log-linear model using the data as well. What is this function? Use the MWD test to decide which model is more appropriate. Predict output using a standard linear model. What is the function?
Suppose the government wishes to raise the equilibrium wage to $4 per hour by offering a subsidy to employers for each person hired. How much will this subsidy have to be What will the new equilibrium level of employment be
A random variable X is defined to be the difference between the higher value and the lower value when two dice are thrown. If they have the same value, X is defined to be 0.
Use the Excel spreadsheet to determine the ROR if the sales price is $138,000 and the repairs take longer than expected and Lucinda keeps the house for 12 months before selling
A $35 million private placement with a large pension fund. Issuance costs are $500,000, the bond has a 9.25% annual coupon, and the bond has a 20-year life. Which alternative has the lower cost (annual percentage yield)
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