109年 - 109東吳大學_碩士班招生考試_經濟學系︰經濟學#100499

(a) State the intertemporal budget constraint.

(b) What is the individual's optimal consumption in each period?

(c) Now assume there is a Social Security program that takes $ 3,000 from the individual in the first period and pays him this amount with interest in the second period. What is the impact of this system on the person's saving?

(d) What happens to the slope of the budget constraint if the interest rate rises to 20 percent?

2. Consider a competitive firm who hires labor L with wages w and rents capital K with rental rates r to produce goods Y with the technology: . The firm seeks to maximize its profit. Derive the optimal conditions for the firm.

(a) What will the firm do in the short run if the price of its product is $3?

(b) What is the equilibrium market price? Is it long run or short run equilibrium?

(c) How many firms will be in the market in the long-run equilibrium?

(a) what are the steady-state values of the capital-labor ratio, output per worker, and consumption per worker?

(b) What is the golden rule saving rate?

(a) Suppose that T = G = 450 and that M = 9000. Find an equation describing the IS curve. (Hint: Set desired national saving and desired investment equal, and solve for the relationship for between r and Y, given P.)

(b) Find an equation for the aggregate demand curve. (Hint: Use the IS and LM equations to find a relationship between Y and P.)

(c) What are the short-run general equilibrium values of output, consumption, investment, and the real interest rate when the price level is fixed at 5?

(d) What are the long-run general equilibrium values of output, consumption, investment, the real interest rate, and price level?

109年 - 109東吳大學_碩士班招生考試_經濟學系︰經濟學#100499

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