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A city is concerned about rising rent for low-income households. Several policies being considered. Suppose there are a large number of construction companies, each with the identical cost function for building low-cost housesTC = 2500 + 400q +q2where q is the number of low-cost houses a firm builds.
a. In the absence of any government intervention, what will be the long run price of low-cost houses and the quantity built by each construction company?
b. (Inverse) demand for low-cost housing is given by P = 1000 - Q. How many lowcost houses will be built in total? How many firms will serve the market?
c. Suppose the government gives a $900 cash payment to each firm that builds low-cost houses. What will be the long run price of low-cost houses and the quantity built by each firm? How many low-cost houses will be built in total (assume demand remains the same)? How many firms will serve the market? What will be the cost to the government of this plan?
How much must you deposit in your retirement account each year for 10 years starting now (i.e., years 0 through 9) if you want to be able to withdraw $50,000 per year forever beginning 30 years from now Assume the account earns interest at 10% per..
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An investor in Treasury securities expects inflation to be 1.75% in Year 1, 3.45% in Year 2, and 3.95% each year thereafter. Assume that the real risk-free rate is 1.85%, and that this rate will remain constant. Three-year Treasury securities yiel..
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initially he makes a down payment of $6,000 on a $15,000 car. The balance is paid in 24 equal monthly payments with annual interest at 12%. When he has made the last payment on the loan, he trades in the 2-year old car for $6,000 on a new $15,000 ..
A decision maker wishe to minimize the cost of producing a given level of total benefit, B = 288. The cost function is C = 6x + 3y and the total benefit is B = xy. Set up the Lagrangian adn then determine the levels of x and y at the minimum level..
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Second, notice that if z=x/y , then z = x * (1/y). Hence, using the formula mentioned above, g(z)=g(x)+g(1/y). So all you need is find a clever way to calculate the growth rate of the variable 1/y, namely g(1/y).
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