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...

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... 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

... 7? 51? 39? It all depends on which order you perform the calculations and the type of calculator you use. There are set rules for the order in which basic arithmetic operations should be performed, whichareexplainedinChapter2.Nowadays,theseareprogrammedintomostcalculators but ... quantification of economic predictions requires the use of mathematics. Although non-mathematical economic a...

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