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Suppose two countries, A and B, with the same production function Y = K? L1?? . The value of is 0.30, the growth rate of population is 2% and the depreciation rate is 5%.
a) Show that with price-taking firms the share of labor must be 1?.
b) Compute the stock of capital, output and consumption per unit of labor in the steady state if the savings rates were 25% for country A and 35% for country B.
c) Compare both economies to the Golden Rule.
Identify three roles for money: money is a unit of account, a store of value also acts as a medium of exchange.
A firm in a perfectly competitive market invents a new method of production which lowers its marginal costs. Illustrate what happens to its output.
Graphically show deadweight welfare loss due to monopolies and then explain what it means. How can we see or feel this deadweight welfare loss?
Briefly define each of the following terms or phrases and briefly explain why it matters for tax policy.
How do restrictive job protection measures affect the demand for unskilled workers? Do they benefit or help the unskilled worker? Explain.
Decreasing returns to scale refers to a situation where an increase in a firm's scale of production leads to lower costs every unit produced.
When one person saves, that person's wealth is increased, meaning that he or she can consume more in future. But when everyone saves, everyone's income falls, meaning that everyone must consume less today. Explain this seeming contradiction.
calculate the price elasticity of demand for each product and compare with your teammates' elasticities.
At what level must be a ceiling price imposed upon the monopolist's market to cause the monopolist to supply the efficient quantity supplied?
Amacon is a bicycle manufacturer that produces approximately 5,000 bikes each month. In order to meet that demand, Amacon needs 10,000 rubber tires at its assembly plant on the last Thursday of each month. Please explain the answers to the followi..
For a company whose target capital structure calls for 50% debt and 50% common equity, which of the following statements is CORRECT?
Why would equal-sized falls in aggregate output due to a fall in aggregate demand have different effects on magnitude and duration of unemployment in se two economies.
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