Problem Set 3 ECON 973 Fall 2012 Fluctuations: Discrete Time Models Ben Brewer 12/10/12 1. a. Given this two-period problem of labor supply maxc1 ‚n1 ‚c2 ‚n2 ln[c1 ] + ln[1 − n1 ] + βln[c2 ] + βln[1 − n2 ] subject to the intertemporal budget constraint c1 [1 + r] + c2 = w1 n1 [1 + r] + w2 n2 Dividing each side by [1+r] for convenience gives c1 + c2 w 2 n2 = w 1 n1 + 1+r 1+r We can solve for consumption and labor supply in each period (c1 ‚ c2 ‚ n1 ‚ n2 ) by first setting up the Lagrangian
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Problem Set 3 Name Problem Set 3 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 6. 1. Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices. Price of crackers Quantity Demanded (per month) $3 80 $2.5 120 $2 160 $1.5 200 $1 240 $1.00 - $1.50: ___$-0.45________________________________ $1.50 - $2.00: ____$_-0.77______________________________ $2.00 - $2.50: _____$_-1.28_____________________________ $2.50 - $3.00: ____$_-2
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opinions of Paul Smethurst‚ postmodernism could be presented as a reaction of modernism‚ but this is a complex and slippery relationship defining modernism as much as postmodernism. (Paul Smethurst‚ 25) In this short paper‚ I will discuss one of the chief problems in defining postmodernism. The main issue in defining postmodernism are time and the ambiguity between modernism and postmodernism‚ the term “postmodernism” first entered the philosophical vocabulary in 1979‚ with the publication of The Postmodern
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Economics 500 – Problem Set #3 Consider a firm producing an output Q using the two inputs “labor” (L) and “capital” (K) according to the production function Q = K.5L.5 (i.e.‚ the amount of output produced Q is equal to the square root of K times the square root of L). Suppose that the firm is in a short-run situation in which K is fixed at one unit (K = 1) but labor is variable. Suppose that the user cost of capital‚ r‚ is $48 for each unit of K and that the wage rate‚ w‚ the cost of one unit
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Problems Police Officers Face Cierra Stewart Everest University Online Introduction to Criminal Justice James Loughlin May 22nd‚ 2013 ABSTRACT Today being a police officer is more than just chasing a bad guy on a high speed chase or making an arrest. Many police officers deal with job stress which causes things to go wrong in their personal life. Many departments have come to terms with this and now offer help to those who need it. Officers and departments are also dealing with corruption
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Workshop 1 – Chapters 1-3 Exercise 2-2 (15 minutes) | | Product Cost | Period Cost | 1. | The cost of the memory chips used in a radar set | X | | 2. | Factory heating costs | X | | 3. | Factory equipment maintenance costs | X | | 4. | Training costs for new administrative employees | | X | 5. | The cost of the solder that is used in assembling the radar sets | X | | 6. | The travel costs of the company’s salespersons | | X | 7. | Wages and salaries
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Chapter 3 2.What are some source of risk in a systems analysis and design project‚ and how does a project manager cope with risk during the stages of project management? The risks that involved in this system analysis and design project are critical resource availability‚ the potential of new technology and how it’s unfamiliarity of use‚ the resistance to change and regulatory constraints. The project manager cope with risk but it has good communication‚ detailed assessment and supports
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Financial Reporting Problem‚ Part 2: Nike ACC/290 Financial Reporting Problem‚ Part 2: Nike When determining the overall financial strength of a company‚ businesses rely on their current assets to show value. Current assets are defined as assets that can or will be converted into cash quickly. The value of the asset’s will vary and may be used at any time as collateral for loans or other investment business development plans. Current assets will include‚ of course‚ cash and cash equivalents
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reliance on controls and does not perform any other audit work. By stating this it shows that it is incorrect to assume the control risk is zero. Zero should never be the control risk if it is then it wouldn’t be neseccary for the auditor to do any work. 3) Fields is incorrect to not give any thought to inherent risk. Knowing the inherent risks leads us to know about the characteristic of the business‚ their major types of transactions‚ and the effectiveness of the way they account for their transactions
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CHAPTER 3 INTERNATIONAL CONVERGENCE OF FINANCIAL REPORTING Answers to Questions 1. The ultimate goal of both harmonization and convergence is to achieve international comparability in financial reporting‚ and both are processes that take place over time. However‚ while harmonization refers to the reduction of alternative accounting practices in different countries‚ convergence refers to the process of developing a set of high quality financial reporting standards for use internationally (the process
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