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In his well-known hypothesis about income distribution and economic development, economist Simon Kuznets argued in the 1950s that developing countries must first suffer an increase in inequality as they grow. Only as economic development proceeds, Kuznets argued, will inequality begin to decline. What do you think is the logic behind Kuznets's theory? Recent research shows that the Kuznets relation no longer holds. Why do you think this is?
Real Disposable Income Planned Real Consumption 0 3,000 2,000 4,400 4,000 5,800 6,000 7,200 8,000 8,600 10,000 10,000 12,000 11,400 14,000 12,800 Refer to Table 12.1. The table gives the combinations of income and consumption.
What is the relationship between the marginal cost and the average variable and average total costs You may fill in all the appropriate numbers and draw a graph with MC, TVC, AVC, TC, ATC, TFC, and AFC
Suppose that the one year U.S. interest rate is 5%. If the one year forward rate against the pound is $1.75 per pound and the spot exchange rate is $1.78 per pound, what must the equivalent British interest rate be if covered interest parity holds
Notice that the marginal external benefit is constant at $4 per book, so the gap between the marginal private benefit curve and the marginal social benefit curve is $4.
A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain.
a. Calculate the percentage return on the security if the payoff to the security in one year is $1,000, $1,500, $2,000, or $2,500. b. If each of the outcomes in part a is equally likely, calculate the expected return on the security. c. Calculate th..
The value of a successful project is $420,000; the probabilities of success are 1/2 with good supervision and 1/4 without. The manager is risk-neutral, not risk-averse as in the text, so his expected utility equals his expected income minus his di..
The transactions demand-for-money model can also be applied to firms. Suppose a firm sells steadily during the month and has to pay its workers at the end of the month. Explain how the firm would determine its money holdings.
Colette and Hans both consume the same goods in a pure exchange economy. Colette is originally endowed with 15 units of good 1 and 12 units of good 2. Hans is originally endowed with 97 units of good 1 and 4 units of good 2.
What is the expected value and variance of R b. You are considering investing $150 in this asset. After 1 year, the value will be $150(1+R). What is the expected value and standard deviation of the value of your asset in 1 year
Show that Euler's theorem holds here, that the sum of total payments to labor and capital equals total production.
Is it correct to describe the estimator as becoming more efficient?
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