Discuss the nature of the following time path:
b) Solve equation: for
The equation given is: [ y_{t+1} - \frac{1}{2}y_t = 6 ] with the initial condition ( y_0 = 1 ). To solve this recursively, we will compute the values of ( y_t ) for different values of ( t ). ### Step 1: Initial Condition We are given that ( y_0 = 1 ). ### Step 2: Solve for ( y_1 ) Substitute ( t = 0 ) into the equation: [ y_{0+1} - \frac{1}{2}y_0 = 6 ] [ y_1 _________ ________ _______ ______ _________ ________ _______ _____.
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Riemann Sum
(a) Explain the theorem of second order optimum.
(b) Consider the following utility maximization problem, in which the utility function of the consumer is given by U(x,y)=x^0.7y^0.3. The consumer income is I=200 and p x=3 and py=2. Find the utility maximizing x and y when the budget constraint of the consumer may or may not bind. (Apply Kuhn-Tucker method)
Maximin or Minimax Principle
Discuss the nature of the following time path:
b) Solve equation: for
Given the input matrix and the final demand vector:
A = [[0.10, 0.15, 0.12],
[0.20, 0, 0.30],
[0.25, 0.40, 0.20]]
d = [[100],
[200],
[300]]
a) Explain the economic meaning of the elements 0.30,0 and 200
b) Explain the economic meaning of (if any) of the third column sum
c) Explain the economic meaning of (if any) of the third row sum
d) Write out the specific input-output matrix equation for this model
e) Find the solution output levels of the three industries using Cramer's rule.
) Russell's Paradox
Ram and Rahim play for a prize of Rs. 99. The prize is to be won by the player who first throws a 3 with a single die. Ram throws first and if he fails Rahim throws it and if Rahim fails Ram throws it again and this process continues. Find their respective expectations.
b.) If P (A B
C) = 0, show that P [(A
B)/ C] = P(A/C) + P (B/C)