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In the country of Growlandia the labor force grows by 3% per annum, while the capital stock grows by 4% per annum. Suppose 40% of national income goes to labor. a. Suppose the country’s actual rate of growth is 5% per annum. Calculate the value of the residual. SHOW YOUR WORK. b. Explain the economic meaning of the residual. What would it mean if a were negative? c. Suppose the population growth rate is the same as the rate of growth of the labor force (3%). Is the growth rate enough to maintain the standard of living? Is it enough to ensure development? d. In developing countries, which determinant of economic growth tends to play the biggest role (biggest contribution to growth)?
Discuss a scenario where either the supply or price of a good or service is intentionally limited by the government.
Cyclical unemployment and the natural rate of unemployment are sometimes hard to distinguish from each other, so economists are not very confident about estimates of the natural rate of unemployment. Still, since unemployment rates are consistently h..
Show an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies.
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1(q) = 10 and MC2(q) = 20. Find the prices that form an equilibrium (for simplicity and reality, assume that prices are quoted in units no sm..
Explain whether each of the following events represents a shift in the demand curve or a movement along the demand curve. Draw your answer.
Suppose an individual is faced with two goods: income and leisure. The basic wage rate is 8 dollars per hour but if the individual works more than 8 hours a day, he or she get's an overtime pay of $12. Draw the budget line for this individual.
Leon and Heidi decided to invest $3,250 annually for only the first eight years of their marriage. The first payment was made at age 20. If the annual interest rate is 9%, how much accumulated interest and principal will they have at age 70? Please s..
Using any relevant information below, calculate GDP via the expenditure approach. Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say that the production of goods and services in Nowhereland has increa..
In the most recent recession of 2008 and 2009, the United States saw a declining GDP, rising unemployment, and, sometimes, deflation. Please describe these variables during the 2008 and 2009 recession and in the subsequent years.
The law of supply illustrates that
A firm has the production function y = x1^1/2 * x2. In the short run it must use exactly 15 units of factor 2. The price of factor 1 is $75 per unit and the price of factor 2 is $2 per unit. Derive the firm’s short-run marginal cost function.
Enron will be an example of a dysfunctional company for many years to come. It was clearly a company riddled with fraud and excess.
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