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Consider a production function of the form Y = AF (K, N, Z), where Z is a measure of natural resources used in production. Assume this production function has constant returns to scale and diminishing returns in each factor. a. What will happen to output per head if capital and labor both grow but Z is fixed? b. Reconsider (a), but add technical progress (growth in A). c. In the 1970s there were fears that we were running out of natural resources and that this would limit growth. Discuss this view using your answers to (a) and (b).
A country is described by the Solow growth model. It has a population growth rate of 5 percent and a rate of technological progress of 3 percent. It is currently at the steady state. What is the country is growth rate for output and output per worker..
If the marginal product of the 4th worker hired is 6, and the marginal product of the 5th worker hired is 4, you should not hire the 5th worker because your profit would decrease since the 5th worker’s marginal product is less than the marginal produ..
The government has decided that the free-market price of cheese is too low. Suppose the government imposes a binding price floor in the cheese market. Draw a supply-and-demand diagram to show the effects of this policy on the price of cheese and the ..
A pro-life group wanted to test the effectiveness of an anti-abortion commercial. Two random samples, each of 250 respondents, were recruited in Atlanta. One group was shown the anti-abortion commercial. Then attitudes toward abortion were measured f..
the demand for on campus student housing at the university of Idaho, in Moscow, Idaho. The college has 2,000 rooms for rent. Illustrate what is the equilibrium rent and how many rooms are rented.
Technology is viewed by economists as a source of comparative advantage but technological advantage is often transitory. Use the Product Life Cycle (PLC) Theory to explain the role of technological innovation as a key determinant of the trade pattern..
Explain using graphs why corruption with theft could either decrees or increase the quantity of the good purchased. for both cases (an increase in the quantity purchased and a decrease in the quantity purchase) show or describe who are the winners an..
Based on this information, discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Customers arrive at an automated coffee vending machine at a rate of 4/min, following a Poisson distribution.
Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business (a constant-cost industry) because it has persuaded the “Greeks” to give it exclusive rights to their insignia. Using demand and cost curves, draw a diagr..
Suppose the production function in medieval Europe is Y = K0.5L0.5,where K is the amount of land and L is the amount of labor. The economy begins with 100 units of land and 100 units of labor. Use a calculator and equations in the chapter to find a n..
Suppose you make an annual contribution of $150 each year to a college education fund for a niece. She is 4 years old now, and you will start next year and make the last deposit when she is 18. The fund is a money market account earning 6.5%/year. Wh..
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