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A sixty-year-old widow is considering claiming her social security widow benefit now. The primary insurance amount (PIA) from her deceased spouse is $15,000. If she claims them now, she will receive only 72 percent of her PIA for the rest of her life. If she claims her benefits at age 65, she will receive 100 percent of her PIA for the rest of her life. Suppose that her life expectancy is 80.
a. What is the present discounted value of her benefits when claiming at either age 60 or age 65? At what age should she claim her benefits?
b. Suppose now that her life expectancy is longer. How would it change your recommendation in part a?
c. If she expected to get remarried at age 60, how might your answer change? Will her remarriage affect her benefits anyway?
For each month, compute the annual rate of inflation as the percentage change in the CPI from last year to this year (i.e., over the preceding 12 months). In the same graph, plot the rate of inflation and the one-year interest rate from 1970 to th..
What is the temporary and permanent impact of an increase in prices on wages based on these results? How would we test if the permanent impact of a price change is statistically significant?
Consider an economy with just one technique available for the production of each good. Supposing labor equals 100 and land equals 150, write and sketch the production possibility frontier. (Hint: What are the intercepts of the production possibilit..
A monopolist faces a demand curve given by: P = 105 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $15. There are no fixed costs of production.
You are the manager of a monopoly, and your demand and cost functions are given by P = 200 - 2Q and C(Q) = 2000 + 3Qsquared, respectively. a. What price-quantity combination maximizes your firm's profits
Characterize the steady-state equilibrium and the transitional dynamics. How do the implications of this model differ from those of the baseline neoclassical model?
Compare this system with the PCAOB standards. Discuss differences. US students should analyze the oversight system in the UK and Europe as a whole, make a comparison and discuss differences.
Suppose the world population today is 7 billion, and suppose this population grows at a constant rate of 3% per year from now on. (This rate is almost certainly much faster than the future population growth rate)
Can the real interest rate ever be negative? Under what circumstances can it be negative? If so, why not just hold cash instead of bonds?
To demonstrate that a utility function that is a monotonic transformation of another utility function gives that same first-order conditions and hence the same demand functions, multiply the utility function U = U(X,Y) by a constant
State what is its distribution under the null and why and explain the conditions under which you would reject H0
Suppose that the money demand function takes the form (M/P)^d = L(i,Y) = Y/(5i) a. If output grows at rate g, at what rate will the demand for real balances grow (assuming constant nominal interest rates) b. What is the velocity of money in this econ..
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