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Define the conditions for a weakly quasi-concave Cobb-Douglas Function
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- Define a weakly concave on the Cobb-Douglas Functiondifference between a positively-sloped concave Engel curve and a positively-sloped convex Engel curve.Laffer curve In the 1980s, president Reagan based his tax and spending policies on supply side eonomics. The idea behind supply side economics is the marginal tax rate is so high it discourages work. Cutting the tax rate would end up increasing tax revenue. We develop a simple model of this idea to determine the restrictions on the utility function required to generate a Laffer curve. Let T denote the tax rate, w is the real wage rate and n the labor supply. The tax revenue is T=wnT where wn is labor income, which is the tax base. For convinience assume w is constant. There is no reason for this assumption to be true, but we impose it to focus on the restrictions on the utility function to generate the Laffer curve. As the tax rate T increases, workers substitute towards leisure and away from consumption. Hence as T rises, wn falls and tax revenues falls for high enough tax rates. Let U,V satisfy the standard assumptions. The model is static and households are endowed with one unit of…
- Laffer curve In the 1980s, president Reagan based his tax and spending policies on supply side eonomics. The idea behind supply side economics is the marginal tax rate is so high it discourages work. Cutting the tax rate would end up increasing tax revenue. We develop a simple model of this idea to determine the restrictions on the utility function required to generate a Laffer curve. Let T denote the tax rate, w is the real wage rate and n the labor supply. The tax revenue is T=wnT where wn is labor income, which is the tax base. For convinience assume w is constant. There is no reason for this assumption to be true, but we impose it to focus on the restrictions on the utility function to generate the Laffer curve. As the tax rate T increases, workers substitute towards leisure and away from consumption. Hence as T rises, wn falls and tax revenues falls for high enough tax rates. Let U,V satisfy the standard assumptions. The model is static and households are endowed with one unit of…Could you please help me only with the last part-money metric utility function? Thank you!Is the function v(x1,x2)=x21x32 a monotonic transformation of u(x1,x2) ? Select one: a. No b. Yes
- Consider the following model of house prices: lhprice=β0+β1bdrms+β2llotsize+β3lsqrft+u The variables are defined as: lhprice = the natural log of the house price bedrms = the number of bedrooms llotsize = the natural log of the land or lot size lsqrft = the natural log of the floor space of the house in square feet. You may assume the Gauss Markov Assumptions hold. Which of the following will make our inference on the partial effect of the number of bedrooms on the house price less precise? a) A smaller variance of any unobserved factors captured in the error term, u. b) A larger sample size. c) More variation in the number of bedrooms across the observations in the sample. d) None of the possible answers describe something that would make our inference less precise. e) A higher correlation between the number of bedrooms and the floor space of the house.TOPIC: Multivariable Functions in EconomicsUse bordered determinants to check the following functions for quasiconcavity and quasiconvexity: a) Z=−x2−y2(x,y>0) b) Z=−(x+1)2−(y+2)2(x,y>0).