4. Consider the following Keynesian national-income model,Y = C + Io + GoC = a + b(Y-To)where a and bare parameters with the following range; a>0 and 0

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Answered: 4. Consider the following Keynesian…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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2. Suppose an exclusive art club charges RM50,000 as an annual membership fee and there are a total of 150 members. Assume general income has increased by 4% and the income elasticity of demand for the art club membership is 5%. Due to this change, the overall total number of members has increased by 10. How much has the club's membership increased due to the change in income and due to network effects? Include a graph in your explanation and show the necessary calculations. Label the graph axis with the appropriate numerical values.
7. In the space provided below, discuss the AE (Keynesian cross), AD/AS, and ADI- IA models. What do they have in common? How do they differ? Which model do you prefer? Why? Pick one of the models and explain how you would use it to analyze the Bank of Canada’s recent hikes of the overnight rate target. Assume that the economy is experiencing an inflationary (expansionary) gap before the Bank of Canada decides to hike rates.
1. A liquid starts at an initial temperature of 175 C and cools down in a room held at a constant temperature of 16 C. It's temperature can be modeled, as a function of time cooling, by the equation y=a(b) +c. which of the following statements is true? (1) a=159 andc=16 (3) a=175 andc=16 (2) a=16 andc=159 (4) a=16 and c=175 14
3. Prove that if the more general form of the Cobb-Douglas production function Y = AK" L exhibits constant returns to scale then B = 1- a.
1. The demand function for a good is given by the equation P = a − bQ while the total cost function is TC = dQ2 + eQ + f,where a,b,d,e and f are positive constants. (a) Derive the equation for profit. (b) Derive an expression for the value of Q for which profit is maximised.
Check all the properties of the logistics DDS that are true: 1) The logistics DDS is more realistic than the exponential model because it takes limitations of the environment into account. 2) The logistics DDS has a quadratic undating function. 3) The logistics DDS has 2 equilibrium values, the trivial one at zero and the non-trivial one at the carrying capacity. 4) The logistics DDS has unlimited growth because it is a power function 5) Both of the equilibrium values of the logistics DDS are stable.
2. Explain how each of the following factors may affect LRAS and SRAS respectively. In particular, explain whether and in which direction each of the building blocks of LRAS and SRASS – viz., labor supply (N*), labor demand (Nd), capital supply (K*), capital demand (K“), and the production function – as well as the aggregate supply (AS) curves themselves may shift in response to the changes below. (a) A rise in the labor force participation rate (LFPR).
Suppose the Stiglerian economy is described by the following: Production function) Y = Investment function) I = 0.1Y Depreciation function) D = .02K Calculate the steady-state of capital and output

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4. Consider the following Keynesian national-income model, Y = C + Io + Go C = a + b(Y-To) where a and bare parameters with the following range; a>0 and 0