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Consider the canonical OLG model with log preferences,
for each individual. Suppose that there is population growth at the rate n. Individuals work only when they are young and supply one unit of labor inelastically. Production technology is given by
where A(t + 1) = (1+ g) A(t), with A (0) > 0 and g > 0.
(a) Define a competitive equilibrium and the steady-state equilibrium.
(b) Characterize the steady-state equilibrium, and show that it is globally stable.
(c) What is the effect of an increase in g on the equilibrium?
(d) What is the effect of an increase in β on the equilibrium? Provide an intuition for this result.
Maintained markup is 39%, net sales are $52000, and reductions are $2500. What are the gross margin in dollars, and the initial markup as a percentage Explain why initial markup is greater than maintained markup.
Why do some people prefer that the government provide cash payments to the needy instead of in-kind transfers?
(a) Calculate profit-maximizing output (b) Calculate Price at profit-maximizing point (c)What is the variable cost function A firm has the following Price and Cost functions
Discuss the signs and magnitudes of the estimated coefficients and their comparisons to predicted or theoretical signs and magnitudes. What have we learned?
Consider the production of textiles. To make textiles, it takes cotton (C, measured in pounds) and it takes labor (L, measured in man-hours). The total yards of fabric (F) produced is given by the production function F=L*(C^.5). If you currently h..
Given population = 500, Population 16+ and non-institutionalized = 400, People employed full or part-time = 200 People unemployed and actively seeking work = 20 People who have quit seeking work due to lack of success = 10Part-time workers seeking fu..
A bulldozer can be purchased for $380,000 and used for 6 years, when its salvage value is 15% of the first cost. Alternatively, it can be leased for $60,000 a year. Remember that lease payments occur at the start of the year.
Automobiles are typically financed for four years with monthly payments made to the lending agency. Assume you will need to borrow $18 000 with 48 monthly payments at 6.5% annual interest.
A sum of $16,000 per year will be recieved uniformly over a five year period beginning two years from today. What is the present value of this deferred-funds flow if interest is compounded continuously at a nominal rate of 9%
For each of the following scenarios, determine whether the decision maker is risk neutral, risk averse, or risk loving. a. A manager prefers a 10 percent chance of receiving $1,000 and a 90 percent chance of receiving $100 to receiving $190 for sur..
a. If the Fed requires banks to hold 5 percent of deposits as reserves, how much in excess of reserves does First National now hold b. Assume that all other banks only the required amount, by how much would the economy's money supply increase
Suppose the total market value of all final goods and services produced this year in economy X is $4 million. Of the $4 million worth of goods, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
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