Basic Mathematics for Economists - Rosser - Chapter 7 pps

... 0 .79 3832 0 .77 2183 4 0.854804 0.82 270 2 0 .79 2094 0 .76 2895 0 .73 503 0 .70 8425 0.854804 0.82 270 2 0 .79 2094 0 .76 2895 0 .73 503 0 .70 8425 5 0.8219 27 0 .78 3526 0 .74 7258 0 .71 2986 0.680583 0.649931 0.8219 27 ... 0.8219 27 0 .78 3526 0 .74 7258 0 .71 2986 0.680583 0.649931 6 0 .79 0315 0 .74 6215 0 .70 4961 0.666342 0.630 17 0.5962 67 0 .79 0315 0 .74 6215 0 .70 4961 0.6663...

Ngày tải lên: 06/07/2014, 07:20

... Rosser (YoucancheckthesesolutionsarethesameasthoseinExample5.14whichhadthesame supplyanddemandfunctions.) Inamodelwithtwodependentvariables,likethissupplyanddemandmodel,oncethe reducedformequationforonedependentvariablehasbeenderivedthenthereducedform equationfortheotherdependentvariablecanbefound.Thisisdonebysubstitutingthe reducedformforthefirstvariableintooneofthefunctionsthatmakeupthemod...

Ngày tải lên: 06/07/2014, 07:20

... 24.5 -6 82 35.5 -2 97 10 3 -3 7 14 -5 98 25 -6 75 36 -2 68 11 3.5 -7 3 14.5 -6 12 25.5 -6 67 36.5 -2 38 12 4 -1 08 15 -6 25 26 -6 58 37 -2 07 13 4.5 -1 42 15.5 -6 37 26.5 -6 48 37. 5 -1 75 14 5 -1 75 16 -6 48 27 ... -6 48 27 -6 37 38 -1 42 15 5.5 -2 07 16.5 -6 58 27. 5 -6 25 38.5 -1 08 16 6...

Ngày tải lên: 06/07/2014, 07:20

... 22.5( 275 ,5 67. 6)K −2.5 = 0 (3) 40 = 22.5( 275 ,5 67. 6) K 2.5 K 2.5 = 22.5( 275 ,5 67. 6) 40 = 155,006 .78 K = 119.16268 Substituting this value into (1) gives L = 275 ,5 67. 6 (119.1628) 1.5 = 211.84 478 This ... 20K 0.5 L 0.25 R 0.4 = 20(23. 47) 0.5 (23. 47) 0.25 (75 .1) 0.4 = 1,200 The cheapest cost level for producing this output will therefore be 20K + 10L + 5R = 20(23.4) + 10...

Ngày tải lên: 06/07/2014, 07:20

... =−0.1644 < 0 Therefore, the second-order condition for a maximum is satisfied when t = 66. 67. Maximum tax revenue is raised when the per-unit tax is £66. 67. © 1993, 2003 Mike Rosser y = 20+4x EF C D 0 y 32 24 20 B x ... rule. Assume, for example, that you wish to find an expression for the slope of the non-linear demand function p = (150 − 0.2q) 0.5 (1) Thebasicrulesfordifferentia...

Ngày tải lên: 06/07/2014, 07:20

... example: t = 1 .75 years, r = 2.5%= 0.025, A = 56 (e billion). Therefore, the final value of GNP will be y = Ae rt = 56e 0.025(1 .75 ) = 56e 0.04 375 = 58.504384 Thus the forecast for GNP is e58,504,384,000. So ... solution is thus y t = 34e 1.5t When t = 7 then using this definite solution we can predict y 7 = 34e 1.5 (7) = 34e 10.5 = 34(36,315.5) = 1,234, 72 7 © 1993, 2003 Mike Ross...

Ngày tải lên: 06/07/2014, 07:20

... Rosser TestYourself,Exercise4.10 Fortheproductionfunctionsbelow,assumefractionsofaunitofKandLcanbe used,and (a)deriveafunctionfortheisoquantrepresentingthespecifiedoutputlevelinthe formK=f(L) (b)findthelevelofKrequiredtoachievethegivenoutputlevelifL=100,and (c)saywhattypeofreturnstoscalearepresent. 1.Q=9K 0.5 L 0.5 ,Q=36 2.Q=0.3K 0.4 L 0.6 ,Q=24 3.Q=25K 0.6 L 0.6 ,Q=800 4.Q=42K 0.6 L 0 .75 ,...

Ngày tải lên: 06/07/2014, 07:20