How are the three versions of the Solow Growth Model different?

Why do you think we need three different versions of the same model? (Hint: Steady-state growth rates)

What is convergence and conditional convergence? Give examples.  

what are the multi-step process involving the methods the Federal Reserve Bank will undertake to create the $1,200 stimulus checks? Take us through all of the steps of the process, from the Congress approving a federal expenditure with no tax increase, until the public’s possession of the newly printed money.  Include all of the steps that must be undertaken by both the Federal Reserve Bank and by the US Treasury for this money supply expansion to go from start to finish.  Do not skip any necessary steps in the process; keep explaining all government steps until you have the new money.

• i. Find the equilibrium price and quantity in the market for steel whose supply and demand curves are given by P=4Q^S and P = 12 – 2Q^D respectively.
• ii. If the price charged on the market is $6, how does the market get back to equilibrium, ceterus parabus.
• iii. Wages go up significantly so that the cost of production increases. Which of the following would be true in the short run:
  1. The demand curve would shift out or to the right and the equilibrium price would go up
  2. The demand curve would shift back or to the left and the equilibrium price would go down
  3. The supply curve would shift out or to the right and the equilibrium price would go down
  4. The supply curve would shift in or to the left and the equilibrium price would go up
• iv. Going back to the original supply and demand curves, suppose a sales tax is imposed on steel consumption. Which of the following would be true in the short run:
  1. The demand curve would shift out or to the right and the equilibrium price would go up
  2. The demand curve would shift back or to the left and the equilibrium price would go down
  3. The supply curve would shift out or to the right and the equilibrium price would go down
  4. The supply curve would shift in or to the left and the equilibrium price would go up

Suppose there are two agents Richy and Poory. Both of the live for two periods: Today and Tomorrow. However, while Richy receives 100K$ Today and 0$ Tomorrow, Poory receives 0$ Today and 100K$ Tomorrow. Richy and Poory have the same preferences. Each of them prefers to smooth consumption perfectly, that is to consume the same amount in both periods. Any deviation from perfect consumption smoothing does not add any extra utility to Richy or Poory.

1. Draw Richy and Poory’s indifference curves in the space (Consumption Today, Consumption Tomorrow).

What did you get out of this book? "Inside the magic kingdom by Thomas k. Connellan "

EXPLAIN WITH YOUR WORDS HOW THE THREE MAJOR ETHICS FUNCTION IN SOCIETY AND FOR MAKING DECISIONS

Suppose that output q represents the number of products produced,K is the number of machines used, and L the number of workers used. To produce one unit of q, one must can use 1 machine OR 4 workers. The cost of a unit of K is r= 100, and the cost of a unit of L is w= 20:First, draw the isoquant for q= 10. Next, draw the isocost line for C= $2000.Using your isocost-isoquant diagram, identify the cost-minimizing number of machines and workers to produce q= 10products per hour.(b) What is the MRTS_K,L for the following production function:Q=KL^2? Is this technology CRS, IRS or DRS? How do you know? (C) What is the MRTS_K,L for the following production function:Q= 2K+L?Is this technologyCRS, IRS or DRS? How do you know?

1. What specific numerical evidence would you give to explain why the Great Depression was so much worse than the Great Recession?

2. What is the key side (supply or demand) of the economy for Keynesian economists? What assumption about prices leads them to the emphasis? What is the key side of the economy (supply or demand) for classical economists? What assumption about prices lead them to this emphasis?

1a. Consider demand for gasoline in Irvine. Would you would expect demand to be more elastic in the short run or the long run?

Group of answer choices

a. In short run, demand is more elastic

b. In long run, demand is more elastic

1b. Please explain your reasoning: (Select all that are true)

Group of answer choices

a. Because in the short run, prices change more frequently

b. Because in the long run, people can switch to greener transportation

c. Because in the short run, more gasoline can be produced

d. Because in the long run, prices will increase

2a.

Which of the following goods would you expects to have more elastic demand?

Group of answer choices

a. Chewing gum

b. Cigarettes

2b. Why? (Select all that are true)

Group of answer choices

a. Because chewing gum is comparable to more goods, that people can use instead

b. Because cigarettes have negative health effects in the long term

c. Because chewing gum has fewer regulations on its production

d. Because cigarettes generally have a higher price

Explain each concept and give examples?

(f) progressive

(g) average tax rate

(h) marginal tax rate

(i) public choice theory

(k) government expenditures

(l) rational ignorance

1. What, if anything, should be done about the deficit? Would you increase revenue? If so, what taxes would you adjust? Should expenditures be slashed, what should be decreased? By how much?

2.Which has a larger effect on aggregate demand: an increase in government expenditure or an equal sized decrease in taxes?

These questions are all related - hence I combined them. Thanks

Suppose that in order to limit the transmission of illness and disease, governments impose travel restrictions to with the consequence of preventing trade. Which variable of the Solow Growth Model changes to best capture the impact of this event?

For as long as this restriction stays in place, what is the implication for the steady state level of capital?

Because of the change, the immediate consequence will be for the steady state level of investment to

According to the Solow growth model, the steady state level of consumption will be

I. lower than the steady state before the event change.

II. lower than the level of consumption immediately after the event change.

Explain the two main functions of the Federal Reserve Bank, and name and describe the three main monetary policy tools that it has at its disposal.