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Graphically illustrate and explain the effects of an increase in the rate of technological progress on the Solow growth model. In your answer, you must clearly label all curves and the initial and final equilibria. In your answer, explain what happens to the rate of growth of output per worker and the rate of growth of output as the economy adjusts to this increase in the rate of technological progress.
Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing incense, exporting steel, and neither importing nor exporting rugs.
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
The multiplier effect of a change in government purchases. Suppose the government in this economy decides to decrease government purchases by $250 billion. The decrease in government purchases will lead to a decrease in income, generating an initial ..
Creative Writing Chose any of our genres (fiction, creative nonfiction, poetry, and drama) and create a short piece (250 - 500 words) that generates an atmosphere of sorrow while maintaining a glimmer of hope.
Suppose the price level and the value of the dollar in Year 1 are 1.0 and $1.00, respectively. If the price level rises to 1.50 in year 2, what is the new value of the dollar? If instead the price level had fallen to 0.75, what would have been the va..
Suppose the Federal Reserve begins to increase the supply of money at an increasing rate. What impact would that have on GDP, unemployment, and inflation? Would a shift of AD to the right tend to make the equilibrium quantity and price level higher o..
Write down an explanation for an interrogatory senator outlining how your expansionary acts would operate and what would be the effects on the economy.
It is likely that your college tuition will increase an average of 8% per year for the next 4 years. The annual cost of tuition at the beginning of your freshman year in college will be $12000 (A1). How much money will you and your parents have to de..
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought.
Suppose that corn currently costs $4.00 per bushel and that wheat currently costs $3.00 per bushel. Also assume that the price elasticity of corn is 0.15, while the price elasticity of wheat is 0.20. If the government imposes a per-bushel tax on co..
Summarize the corporate ethics statement, statement about social responsibility, and sustainability statement. If none exist, report what you believe are these unwritten statements or code of conduct based on what the Proctor & Gamble says about itse..
Explain how wages are related to opportunity costs, both from an employee and employer perspective.
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