Econ 3213, Professor Irasema Alonso
Answer Key #1
1. (a) Total consumption in country 1 is
C = 0.25 10 = 2.5
and consumption per person is:
c=
2.5
5
=
= 0.31.
8
16
Thus, utility per person in country 1 is
log
5
= 1.1632.
16
Total consumption in country 2
Econ 3213, Professor Irasema Alonso
Answer Key to Practice Questions
1. Suppose that C = 5 + 0.5(Y T ), I = 30 + 8r , G = 15, T = 10, and Y = 200.
(a) Find the equilibrium real interest rate and equilibrium quantity of loans. Draw a
graph with the supply
Econ 3213, Professor Irasema Alonso
Problem Set #1
Due on Fri January 29th
In this homework, as well as in the remaining ones, the idea is to train you to work
with the course material in a hands-on way. Some questions will be simple applications, and
oth
Intermediate Macroeconomics - Professor Xavier
Problem Set 7
* NOTE: In the problems where you have to discuss the effects of a macroeconomic shock in the Keynesian Model, please
discuss what happens in the short, in the medium, and in the long run.
(1) K
Page 1
Test 1 Solutions
Intermediate Macro
Part I: SHORT ANSWER QUESTIONS 1. Briefly state what the following terms mean: (3) (a) Gross Domestic Product (GDP) GDP is the total income earned domestically in a given year. It is also the value of fin
Econ 3213, Professor Irasema Alonso
Problem Set #6
Due on April 1st
This Pset has 8 questions. To get full credit on it, you just need to solve 6 questions of
your choice. You are welcome to solve more or all of the questions. In that case, the grader
wil
Econ 3213, Professor Irasema Alonso
Midterm Exam
The questions below cover a total of 100 points; the maximum score on each subquestion
is given in parenthesis. The first six questions are not based on Pset questions. They are
worth 35 points in total. Th
Intermediate Macroeconomics - Professor Xavier
Problem Set 5
(1) Consumption, classical and Keynesian
Consider The Consumption Theory we discussed in class when there are MANY periods (say, a person who is going to
live for 70 years). Imagine that this pe
Econ 3213, Professor Irasema Alonso
Problem Set #3
Due on Fri October 12th
1. Suppose that C = 10 + 0.7(Y T c ), Y = 120, G = 30, I = 50 T f 20r, T c = 20,
and T f = 30. Notice that T c are consumers personal income taxes, T f are corporate
taxes, and r t
Intermediate Microeconomics
W3211
Lecture 2:
Budget Constraints
Columbia University, Spring 2015
Pietro Ortoleva
[email protected]
Consumer Theory: Budget Constraint
Basic principle:
Agents choose the best bundle of goods they can afford
2 comp
Econ 3213, Professor Irasema Alonso
Answer Key #2
1. (a) In country B, since the standard deviation of wages in country A is 17.52 and the
standard deviation of wages in country B is 1,526.2.
(b) In country A since the standard deviation of log of wages i
Kevin Wang
HW #1
[email protected]
Intermediate Macroeconomics
Problem I.
1)
a. By GDP per capita,
1.Luxembourg
2.Norway
3.Singapore
4.Hong Kong
5.United States
b. By GDP per capita (poorest first)
1.Congo
2.Guinea-Bissau
3.Burundi
4.Madagascar
5.Niger
P ROFESSOR X AVIER P RESENTS .PROBLEM SET 7
T HIS
PROBLEM SET IS DUE ON
W EDNESDAY, D ECEMBER 3 RD AT THE BEGINNING OF CLASS . Y OU MUST BRING A
N O ELECTRONIC SUBMISSIONS . N O LATE P ROBLEM SETS . P LEASE , S TAPLE ALL THE
PAGES IN YOUR P ROBLEM S ET.
H
C ORRECTION PROBLEM SET 3
Problem 1
1. The nding that the growth rate of real per capita GDP shows little relation to the initial level of real per capita GDP
does not conict with the neoclassical model. The Solow-Swan model predicts conditional, rather t
Economics 3213
Answers to Problem Set 1
(1) When you Wish Upon a Star
(a) (i) In 2007 the five richest countries in the world in terms of GDP per capita at purchasing power
parity (PPP) are Luxembourg, Norway, Singapore, Hong Kong, and the United States.
Econ 3213, Professor Irasema Alonso
Problem Set #5
Due on Fri March 11th
1. Some months ago I read in the NYT an article called: U.S. Added 142,000 Jobs
in September; Jobless Rate at 5.1%. The article at some point says: and the
unemployment rate will con
Econ 3213, Professor Irasema Alonso
Problem Set #4
Due on Fri Februay 19th
1. (a) In country B. Money has a bad odor so people try to hold less money in country
B than in country A. Therefore,
Md
P
!B
1
= BY <
v
Md
P
!A
=
1
Y.
vA
This implies:
1
1
Y < A Y
Econ 3213, Professor Irasema Alonso
Answer key #6
1. (a) (1 + n)kt+1 = kt + it kt .
(b) At the steady state kt+1 = kt . This means that Kt+1 /Lt+1 = Kt /Lt , so Kt+1 /(1 +
n)Lt = Kt /Lt , so Kt+1 /(1 + n) = Kt which means that: Kt+1 = Kt (1 + n); K
grows
Intermediate Microeconomics
Spring 2015
Musatti
Cost (Chapter 7)
Rosa runs a small wedding gowns business. Rob is a contractor. Martino is CEO of a medium size
company. They all agree that a firm can be successful only
Econ 3213, Professor Irasema Alonso
Problem Set #2
Due on Fri February 5th
This Pset has 9 questions. To get full credit on the Pset you need to solve questions 1
and 2 and then 5 questions of your choice among the rest of the questions (3-9). You are
wel
Object 1
Economics 3213
Professor Xavier Presents.
Problem Set 1
Pinocchio
(1) When You Wish Upon a Star (The Blue Fairy)
(a) Get the excel file with GDP per capita data for a cross section of countries in 1960 and 2007 (some
countries are missing because
Intermediate Microeconomics
W3211
Lecture 9:
Technology
Columbia University, Spring 2015
Pietro Ortoleva
[email protected]
Where in the book?
n
This corresponds to Chapter 18 of the book
Firms
n
Thus far we have talked about consumers
n
That wa
Intermediate Microeconomics
W3211
Lecture 13:
Firm Supply
Columbia University, Spring 2015
Pietro Ortoleva
[email protected]
Where in the book?
n
This corresponds to Chapter 22 of the book
Firm Supply
n
How does a firm decide how much product t
Intermediate Microeconomics
W3211
Lecture 12:
Cost Curves
Columbia University, Spring 2015
Pietro Ortoleva
[email protected]
Where in the book?
n
This corresponds to Chapter 21 of the book
Types of Cost Curves
n
A total cost curve is the graph
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Problem 1
1.
a. In 2015, the richest countries in the world are Luxembourg, Norway,
Switzerland, Qatar and Denmark.
b. Burundi, Central African Republic, Liberia, Niger and Congo, Dem. Rep.
c. In 2015, the average person from Luxembourg is 507 times riche
Problem 1
a)
b)
c)
d)
( 1 )=
L 200
=
=0.5
Y
400
=0.5
A Y
K
L
=
( 1 )
=0.080.5 0.050.5 0.05=0.03
A
Y
K
L
Therefore A had a growth rate of 3%
1 =0.75
A
=0.080.25 0.050.75 0.05=0.03
A
( 1 ) 0.05+ ( ) 0.05=0.05 . doesnt matter here in this case.
A
=0.080.5
Macro PSET 3
Problem 1
1. The Solow-Swan model predicts conditional convergence instead of absolute
convergence; hence this finding is not conflicting with the neoclassical model as
these countries probably have different steady states.
2. Absolute conver
Problem 1
1. A utility function is a function that quantifies preferences. It usually is a
combination of more than one good that is consumed so as to show different
utility functions representing different combinations of preferences
2. An indifference c
PSET 5
Problem 1
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
The person will leave 0 bonds as the Life Cycle Hypothesis states that a person
doesnt care about future generations.
Y
Y 70
C2
C70
Y 1+ 2 +
=C
+
+
+
1
1+r
1+ r
( 1+r )69
( 1+r )69
Marginal propensity