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Country A has the production function: Y=F(K,L)=K^(1/2)L^(1/2) a. What is the per-worker production function y=f(k)? b. Assume that country A experiences no population growth or technological progress and that 10 percent of capital depreciates each year. Using the steady-state condition that investment equals depreciation, find the steady-state capital stock k* as a function of the saving rate. c. Find the Golden Rule steady-state capital stock k*gold and the Golden Rule level of consumption (c*gold) d. To achieve the Golden Rule steady state, what is the saving rate s(gold) the policymaker should set?
The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate..
If equilibrium national income is 3,500 billion while the national income and output (GDP) necessary for full employment is 3,900 billion (assuming an MPC of 0.6) then. What is the size of the GDP gap? What size change in government spending would el..
1. discuss the pros and cons of central banks setting policy based on rules as opposed to setting policy based upon the
Earlier this year, Greek citizens, fearing currency changes or capital controls, took billions of euros out of their bank accounts. Some of it they sent to banks in other countries, and some of it they even hid in flower pots, freezers, and yes, unde..
In 2016, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2017, its population had increased to 12 million, its nominal GDP had risen to $57.6 billion, and its price index had increased to 120. Wh..
Distinguish between comparative advantage and competitive advantage (may take some research on your part). Which is used by economists as a justification for international trade? Why?
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
Elucidate using the example of multiple equilibria in the labour market. Illustrate diagrammatically
1. assume that a state government currently provides no child care subsidies to working single parents excluding that
From 2006 to 2010, per capita real gross domestic product (GDP) in Poland grew an average of 4.71% per year. At that rate, according to the Rule of 70, in roughly how many years will the Polish economy double in size?
Suppose individuals are willing to pay $500 for an airbag that reduces the probability of being killed in a car accident by 0.0001. Calculate the value of a statistical life using the willingness to pay approach. Suppose Joe plans to work for another..
Analyze the economic impact of current approaches to controlling air pollution to determine which approach is the most effective. Provide support for your rationale.
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