1. A closed economy has the following Cobb-Douglas production function: F(K; L) = K^2/5 (E L)^3/5 , where the notation is as in class. The depreciation rate is 1.5% and the saving rate is 20%. The economy is in a steady state, where the population decreases at a rate 1% and capital K increases at […]
Mr. Joshua , Director of the ZION Bank has Customers all over world. A customer may have one or more accounts in the Bank wide spread across one or more branches. Customers open bank accounts with a specified opening balance and thereafter may either deposit funds into the account or withdraws accounts from them. The […]
If we want to keep total global warming smaller than 2oC (or 3oC, or some other chosen value) what is accurate? The chosen limit on warming in turn sets a limit on how much more fossil fuel we can burn and emit the CO2 to the air, but this limit on fossil fuels depends a little […]
A customer is remodeling his kitchen and is interested in financing kitchen appliances, which cost $8,000. A bank offers the customer a loan, if the customer pays a 10% down payment. The bank charges application fee of $50 and estimates that on average the bank collects $30 per year in late fees from similar customers. […]
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