Ramsey Cass Koopmans model.(a) Consider the Ramsey Cass Koopmans model where k at time 0 (which as always the modeltakes as given) is at the golden-rule level: k(0) = KGRSketch the paths of c and k.(b) Consider the same initial situation as in part (a), but in the version of the model that includesgovernment purchases. Assume that G is constant and equal G. Crucially, G G is strictly lessthan f (KGR) (n + g) KGR and strictly greater than f (k*) − (n + g)k* (where k* is the level ofk on the balanced growth path the economy would have if G were constant and equal to 0).Sketch the paths of c and k.Note: I am particularly interested in the sketches.

The sketches accurately reflect the dynamics in both scenarios, showing constant paths in (a) and…

Answered: Ramsey Cass Koopmans model. (a)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Tourism Economics also explores the concept of seasonality, which refers to the fluctuating demand for tourism services throughout the year. Many destinations experience peak and off-peak seasons, impacting businesses' revenue and employment levels. For instance, a ski resort may see high demand in winter but low demand in summer. This seasonality can create challenges for sustainable economic development in tourism-dependent regions. To address these challenges, destinations often: A) Close during off-peak seasons B) Develop alternative tourism attractions for different seasons C) Ignore the impact of seasonality D) Focus only on peak season revenue
Ramsey Cass Koopmans model.(a) Consider the Ramsey Cass Koopmans model where k at time 0 (which as always themodel takes as given) is at the golden-rule level: k(0) = K GRSketch the paths of c and k.(b) Consider the same initial situation as in part (a), but in the version of the model thatincludes government purchases. Assume that G is constant and equal . Crucially, G isstrictly less than f (K GR ) − (n + g) K GR and strictly greater than f (k∗) − (n + g)k∗ (wherek∗ is the level of k on the balanced growth path the economy would have if G were constantand equal to 0).
Consider a standard Heckscher-Ohlin (HO) Model, where two countries Home and Foreign produce two goods, sugar and milk, using labour (L) and capital (K). Home is relatively labour abundant and Foreign is relatively capital abundant. Assume that sugar is relatively capital intensive and milk is relatively labour intensive. Answer the following questions: (i) Discuss the pattern of trade between the two countries. (li) Under what conditions factor price equalization may be obtained Discuss with help of a diagram showing the segment of equalizatie
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