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Question: Assume that a country's production function is: Y = AL0.7K0.3
(a) The ratio of capital to output is 3. The growth rate of output is three percent. The depreciation rate is four percent. What is the marginal product of capital in this situation? Hint: Use calculus to differentiate the production function with respect to K.
(b) If the economy is in a steady state, what must be the savings rate? Explain.
(c) (Hard) What should be the target savings rate for this country? Graphically explain what savings rate will be the ideal savings rate for this economy.
1. use the information in the table below to answer the following questions.nbspqavcatcmcmr1p1mr2p20
The demand and supply functions of two related goods are given by Qd1 = 30 - 8P1 + 4 P2 ,Qs1 = -60 + 6P1 ,Qd2 = 200 + 4 P1 - 4 P2, Qs2 = -40 + 6P2 - What is the relationship between good one and good two?
2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is: a.perfectly price inelastic b.perfectly price elastic c.relatively price inelastic d. relatively price elastic
Draw the graphs of the markets for cow and soy milk. Now, suppose production of cow milk becomes more costly to produce.
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