A. How would you evaluate this exchange in 1626? Do you think it was fair? Do you think that mutual gain was derived? How can the neoclassical theory reconcile this transaction that with the passage of time looks like one party was seriously disadvantaged and did not benefit as much.
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- Let’s use the Fisher effect to use two known values to learn about the unknown third one. Consider the table, with some values given and some missing. ?i ??Eπ ?EquilibriumrEquilibrium 5% 2% 3% 5% 1% ___ 5% ___ 8% ___ 10% 2% 6% ___ 2% 0% -2% ___ Compute the missing values in the table. ?=5%,??=1%,?Equilibrium=i=5%,Eπ=1%,rEquilibrium= % ?=5%,?Equilibrium=8%,??=i=5%,rEquilibrium=8%,Eπ= % ??=10%,?Equilibrium=2%,?=Eπ=10%,rEquilibrium=2%,i= % ?=6%,?Equilibrium=2%,??=i=6%,rEquilibrium=2%,Eπ= % ?=0%,??=−2%,?Equilibrium=Would it make sense to argue that rational expectations economics is an extreme version of neoclassical economics? Explain.Does neoclassical economics view prices and wages as sticky or flexible? Why?
- Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?A) Which country do you prefer andwhy B) Prove your decision numerically, graphically, and with respect torelevant economics theoryUsing sound economic theory, develop a macroeconomic econometric model that would test the relationshipbetween globalisation and economic development in South Africa. You are to state the a priori expectations ofwhat the model would tell us, and you are to write the model using ‘Word Equation’. Finally, each variable that isincluded must be justified regarding its relevance for being there.
- 1. Explain what is meant by ‘macroeconomics’ and why some economists think that it is different to standard neoclassical economics.a. Discuss the assumptions of the Fisher’s Intertemporal Choice Model b. Using Fisher's Intertemporal Choice model, consider the following scenario:i. Suppose Milo earns $1,750 in the first period and $2,500 in the second period. If he consumes $1,200 in the first period and $1,550 in the second period, what is the interest rate? ii. Now if Milo’s consumption changes to $1,800 in the first period and $2,000 in the second period, what is the new interest rate? c. Graphically depict and explain the Consumer’s optimum in the Fisher’s Intertemporal Choice Model.1. What are the assumptions of the Fisher’s Intertemporal Choice Model?
- 1. The traditional economic (the Neoclassical view) approach to behavior suggests that: A. employees will always want to do a good job. B. managers may or may not assume that individuals are happy in the workplace. C. managers should assume that employees are there only for a paycheck. D. managers can motivate desired behavior by establishing appropriate incentives. E. all the above.Economics What does it mean to “vote with your dollar,” and how does this relate to Walras’s theory of General Equilibrium? Explain the relevant neoclassical assumptions for his model to work, and then give and support your opinion to the following question: are markets a good way to allocate resources?Question 3:a. Discuss the assumptions of the Fisher’s Intertemporal Choice Model b. Using Fisher's Intertemporal Choice model, consider the following scenario:i. Suppose Milo earns $1,750 in the first period and $2,500 in the second period. If he consumes $1,200 in the first period and $1,550 in the second period, what is the interest rate? ii. Now if Milo’s consumption changes to $1,800 in the first period and $2,000 in the second period, what is the new interest rate? c. Graphically depict and explain the Consumer’s optimum in the Fisher’s Intertemporal Choice Model.