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Consider the basic Solow model with no population growth and no technological progress and a production function of the form F (K, H ), where H denotes the efficiency units of labor (human capital) given by
where N is the set of all individuals in the population, and hi is the human capital of individual i. Assume that H is fixed. Suppose there are no human capital externalities and factor markets are competitive.
(a) Calculate the steady-state equilibrium of this economy.
(b) Prove that if 10% higher h at the individual level is associated with a% higher earnings, then a 10% increase in the country's stock of human capital H will lead to a% increase in steadystate output. Compare this result to the immediate impact of an unanticipated 10% increase in H (i.e., consider the impact of a 10% increase in H with the stock of capital unchanged).
During the last 5 years, there has been an increase in the amount food that people are growing in their gardens. Use marginal cost- benefit analysis and the concept of opportunity cost, explain what could have changed the choice.
Find the relationship between p1 and p2 in equilbirum. How muchof each good will each consumer choose?
An investor bought 100 shares of stock at a cost of $10 per share. He held the stock for 15 years and then sold it for a total of $4000. For the first 3 years, he received no dividends.
Do you agree with Keynes assessment that wage-price rigidity requires government's involvement in the markets? Why? Why not?
You are the manager of a Mom and Pop store that can buy milk from a supplier at $2.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -3, then your monopoly price is What are the profits of the monopoly i..
Sketch |Zout| as a function of frequency. Assume VA = ∞.
The demand curve for product x is given by Qx^d=460-4Px a.)Find the inverse demand curve. b.)How much consumer surplus do consumers receive when Px=$35 c.)How much consumer surplus do consumers receive when Px=$25
Use this approach to discuss the convexity of the indifference curves for the following three functions.
a using lad estimate the parameters in the following modelexpendi m1 m2agei m3ownrenti m4incomei m5incomei2 vib
The U.S. market requires hardcover books with a marginal cost of $24.00 while the overseas market is normally served with soft-cover texts having a marginal cost of only $18.00.
Why would neoclassical economists be critical?
The following statement was released through FOMC following recent meeting on March 21. The Group, although hopeful for a future of moderate growth with moderating inflation,
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