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In a popular paper published in 1992 by the Quarterly Journal of Economics (QJE), Gregory Mankiw, David Romer and David Weil (MRW) conclude that:
"international differences in income per capita are best understood using an [economic] growth model [where] output is produced from physical capital, human capital, and labor, and is used for investment in physical capital, investment in human capital, and consumption."
(Mankiw et al. 1992 , p. 432)
Using the Eviews/GRETL dataset attached, carefully explain the empirical evidence MRW provide in support in of their thesis. In the light of this econometric analysis, do you share the authors' conclusion above?
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The budget rate, the lowest acceptable dollar per pound exchange rate, was therefore established at $1.5 per British pound. Any exchange rate below would result in SALEM actually losing money on the transaction.
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If marginal physical product is decreasing with additional input, marginal value product will be
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each individual determinant analyzed for your situation with examples applicable to your situation and research 3
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a corporation produces output with a market price of 200 per unit. the marginal product of capital is 12k where k is
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