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Consider how unemployment would affect the Solow growth model. Suppose that output is produced according to the production function = Ka[(1-μ)L1-a], where K is capital, L is the labor force, and u is the natural rate of unemployment. The national saving rate is s, the labor force grows at rate n, and capital depreciates at rate δ.
a. Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment.
b. Write an equation that describes the steady state of this economy.
c. Suppose that some change in government policy reduces the natural rate of unemployment. Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
Cool-Aire Corporation manufactures a line of room air conditioners. Its break-even sales level is 33,000 units. Sales are approximately normally distributed. Expected sales next year are 40,000 units with a standard deviation of 4,000 units.
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor.
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
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oligopolynow assume that the meat-now assume that the meat-processing industry is a duopoly with two firms marions
Within rich economies, there is strong evidence of convergence ________.for regions within a country.with developing economies. leading to military conflict.
Which of the Supply Factors do YOU believe will be most important for the future growth of the U.S. economy? WHY? Briefly explain what we mean by labor productivity. What is its most important determinant?
Is energy efficiency the same thing as economic efficiency and under what circumstances would the energy-efficient automobile described here be economical efficient?
Suppose the annual inflation rate is at 2% and 8.5% of the labor force is currently unemployed. If you were on the Fed's Open Market Committee, what action would you prescribe? How would this affect the economy, the inflation rate, and the unemplo..
what is information contained in an in different curve why are such curves (a) downward slopping and b convex to origin? why does total utility increase as the consumer moves to indifferent curve further from the origin why cant indifferent curves..
Whichever way you've chosen to model this problem, execute a linear regression. For one time in your life, you are going to be calculating the slope and intercept estimators in EXCEL
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