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Consider an economy with the following production function: Assignment 3 Y = AK.5L.5 The labour force is constant. The rate of depreciation is δ = .1, the savings rate is s = .3. a. Has this production function constant returns to scale? Why? b. Write the production function in per worker variables. c. Does the per worker production function have diminishing marginal returns to capital? Why? d. Write the fundamental Solow equation in per worker variables. e. Depict the steady state of this economy. f. What are the growth rates of per worker output and capital in steady state? g. Calculate the steady state level of capital, output, consumption and savings. h. Redraw the initial equilibrium and show what happens when the savings rate increases. Do the growth rates change? i. Redraw the initial equilibrium and show what happens when there is a one time increase in population. Do the growth rates change? j. Redraw the initial equilibrium and show what happens when there is a one time innovation that increases productivity. Do the growth rates change? k. Redraw the initial equilibrium and show what happens when there is constant productivity growth. Do the growth rates change?
Set all variables to their baseline values. Elucidate how much money do consumers want to spend on spaghetti when the price.
q.suppose a firms production function is given by q l12k12. the marginal product of labor and the marginal product of
How large is the economy of Japan? Japanese GDP in 2010 was 480 trillion yen (U.S. GDP, again was $14.5 trillion). The exchange rate in 2010 was 87.8 yen per dollar. What is the ratio of Japanese GDP to U.S. GDP if we don't take into account the diff..
After one year, your original $200 in savings account became $212.64. Find the effective rate of interest?
If Romaine lettuce and Iceberg lettuce are substitute products, an increase in the price of Romaine lettuce will ______ the demand for Iceberg lettuce. A. shift inward B. shift outward C. either increase or decrease (depending on whether lettuce is a..
if they use a regulation should they allow for pollution permits? explain the benefits and detriments of each form of control. what would you recommend?
What if there were 26 apartments to rent. What if there were 25 apartments to rent.
What is the total market demand for poly-glue at the price established by Alchemy. How much of the total demand will the follower firms supply.
Which of the following is most important in increasing a nation's economic growth in the long run?
Trace out exactly where this 100 increase in income goes in the second round and compare to our simpler treatment with a closed economy and lump sum taxes.
A local church parish wants to raise money to add to their campus. In a sample from a previous fund raising campaign, the parish found that of the 136 people in the sample they contacted, that 67 actually contributed money. When testing (at the 5% le..
Do you think these firms would welcome congressional legislation which restricted the amount that any one firm could spend on advertising to $1 million yearly, and thereby allowed them all to drastically reduce their costs without fear of losing grou..
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