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Two countries, Richland and Poorland, are described by the Solow Growth Model. They have the same production function, F(K, L) = Ka(EL)1a, but with different quantities of capital and labor. Richland saves 32 percent of its income, while poorland saves 10 percent. Richland has population growth of 1 percent per year, while Poorland has population growth rate of 3 percent. Both nations have technological progress at a rate of 2 percent per year, and depreciation at a rate of 5 percent per year. 1. What is the per effective worker production function, f (k)? 2. Solve for the ratio of Richland’s steady-state income per worker to Poorland’s. 3. If the Cobb-Douglas parameter a takes the conventional value of 1/3, how much higher should income per worker be in Richland compared to Poorland? 4. Income per worker in Richland is actually 16 times income per worker in Poorland. Can you explain this fact by changing the value of the parameter a? What must it be? Can you think of any way of justifying such a value for this parameter? How else might you explain the large difference in income between Richland and Poorland?
Illustrate what is the (true) value of the marginal product of each black worker. Discuss the employment decision made by firms for which d = 0.2 and d = 0.8 respectively.
Why would we expect that the price elasticity of demand for the product of an individual firm would typically be greater than the price elasticity of demand for the product overall.
If it wants to accomplish this change in the money supply using open-market operations, what should it do.
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Compute the elasticity of trades with respect to every inconsistent in the demand function.
At Illustrate what value would the minimum wage have to be set so to the firm would make zero economic profit from employing an additional low-skilled worker to clear woodland.
In which of the two cases, if any, do you think which demand has increased more rapidly than delivery. Explicate your reasoning. Write your answer in essay format.
Illustrate what are marginal net profit when Q=1? Q=5. Illustrate what level of Q maximizes net profits, Illustrate what is value of marginal net profits.
Determine if you should go into your own solo private practice or to join a specialty group of physicians.
Assume the demand function for good X is Qd = 600 - 2PX + 7PR, illustrate what is the demand function for good x. Which investment produces a $40 daily profit for a game shop earning $2 profit from every game sold.
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Compute the profit-maximizing output for the price leader. Illustrate what the market price is given the price leader's output in (c). Elucidate how much does each competitive firm produce.
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