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Assume that the economy starts in steady state. According to the Solow growth model, how would each of the following affect consumption per worker in the long run, Explain?
a. The destruction of a portion of the nation's capital stock in a war.
b. A temporary rise I the saving rate.
c. An increase in government regulations whose net effect is to lower the marginal productivity of capital.
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
Prepare a table/graph for inflation in "your country" (use North Korea for the country; if no data is available, use India) for about the latest ten year period for which you have data.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
What is the inflation rate in Home? In Foreign? What is the rate of change in the nominal exchange rate? Which currency is expected to appreciate? At what rate? Explain.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
The intent of this week exercise is to familiarize with EXCEL and to gain experience and practice in interpreting the output generated by most statistical packages (EXCEL) when linear regressions are run on a set of data.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Write down the relationship between savings, capital formation, and consumption.
Write a brief explanation of each of the following terms. import tariff, effective rate of protection
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