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Consider a modified version of the continuous-time Solow growth model where the aggregate production function is
where Z is land, available in fixed inelastic supply. Assume that α + β
(a) First suppose that there is no population growth. Find the steady-state capital-labor ratio in the steady-state output level. Prove that the steady state is unique and globally stable.
(b) Now suppose that there is population growth at the rate n, that is, L/L ? = n. What happens to the capital-labor ratio and output level as t → ∞? What happens to returns to land and the wage rate as t → ∞?
(c) Would you expect the population growth rate n or the saving rate s to change over time in this economy? If so, how?
Janis could compensate her dormmates for each unit of noise pollution each song played. How much compensation would be required? From her perspective, is paying compensation better than paying the tax, worse, or the same?
However, this is a short-run analysis where physicians are variable but laboratories are fixed. Suppose that each physician costs $500 per day (for an annual salary of about $175,000) and the daily cost for the laboratory is $1,500 (for rental cos..
During a period of slow but steady growth, how would you expect final sales and output to be related? Explain. Draw a hypothetical figure like Figure 14-10 for such a period.
What does the acronym SMEAC stand for, and how does it apply to computer investigations?
Tangent distance nearest-neighbors. In each case choose the number of neighbors by tenfold cross-validation. Compare the results.
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2.
Suppose 90-day investments in Britain have a 6% annualized return and a 1.5% quarterly (90-day) return. In the U.S., 90-day investments of similar risk have a 4% annualized return and a 1% quarterly (90-day) return. In the 90-day forward market.
Are there any differences in the eligibility requirements for TRI-enrollees based on reimbursement ability by the facility? If so, is this "fair?
Assume that a monopolist considering to spend 500.000 usd on large campaign to promote the their products.The demand curves are defined by p = 150 - 3q, where q is the output-quantity in 1000-usd. By executing the campaign the firm expects the new de..
In the economy of Wrexington in 2008, consumption was one-half of gdp, government purchases were $2000 more than investment, investment was one-sixth of gdp, and the value of imports exceeded the value of exports by $500.
Carefully explain why a typical demand curve slopes downwards. Distinguish between normal and inferior goods.
How should the food be allocated if they want to maximise their use/utility If person no. 2 needs a utilitylevel of at least 5 to survive, how should the food be allocated if they still want to maximise their use, without letting person no. 2 die.
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