Economics Answers

what is meant by golden role steady state? in what respect it is different from the steady state of solow? is the golden rule steady state a stable condition? expalin with help of diagram?

what is meant by multisector growth model?explain their role in economic planning?explain in brief the basic structure of a shape of a simple multi sector growth model?

The actual or real world money multiplier is generally less than the simple money multiplier. Indicate whether the statement is TRUE or FALSE; and then provide support for your answer.

After graduating from college in 2010, Art Major\'s starting salary is $45757.00. Suppose Art Major has a cost of living adjustment (COLA) clause, i.e. an escalator clause in his labor contract so that he will be able to maintain this same level of purchasing power in real terms in 2011 and 2012. Using the information in the table below, how much will Art Major be earning in 2011 and 2012 if his salary keeps up with inflation? Round your answers to the nearest dollar.

Questions:

1) What is Art Major Salary in 2011

2) What is Art Major Salary in 2012

QDx=300-2Px+4Py-2Pz-.01Y where,Px=$25 Py=$35 Pz=$20 Y(income)=20000 a) calculate the QDx b) explain briefly the relationship between i) good x and good y ii) good x and good z c) is good x normal or inferior please explain

The Nottinghamshire Research Observatory in England calculated that students who attend Nottingham Technical University spend about £2,760 each in the local economy for a total of £50.45 million. In total, the impact of their spending on the local economy is £63 million. Calculate the size of the student spending multiplier.

Suppose Morgan enjoys hiking, skiing, and solitude. He graduates from University and needs to decide whether to take a job in a large coastal city at a salary of $75,000 per year, or a job in a small Rocky Mountain community at $ 50,000 per year. If the opportunity cost of taking the $50,000 job is the $75,000 job he gives up, would it be rational for him to take the lower paying job? Explain. Hint : You are not expected to make the decision for him, only to evaluate whether or not the decision is a rational one in economic term.

1. A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer’s optimal consumption bundle will change despite them being able to afford their original bundle.

Many Americans regularly drive their own cars to work rather than use
public transportation or form a car pool.
(a) How do you know that each person in a single-passenger vehicle
during the rush hour is behaving efficiently?
(b) The people riding the bus are also behaving efficiently. How can (a)
and (b) both be true simultaneously?
(c) What is actually being asserted by someone who says that it's inefficient
for so many commuters to take their own cars to work?

Suppose a gasoline station offers the following promotion on the 4th of
July: "TODAY ONLY: FREE GASOLINE FROM NOON UNTIL 3:00 P.M.!
APPY BIRT DAY, AMERICA!" Is that gasoline a free good to the
owner of the station? Is it a free good for all the drivers who wait in long
lines to fill up? Countless others might decide to avoid the "free" gas and
fill up at other stations that charge $4.00 per gallon. In your opinion, are
they foolish to pass up the opportunity? In the economic way of thinking,
would they be failing to economize?