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Introduce labor-augmenting technological progress at the rate g into the neoclassical growth model with physical and human capital discussed in Section 10.4.
(a) Define a competitive equilibrium.
(b) Determine transformed variables that remain constant in a steady-state allocation.
(c) Characterize the steady-state equilibrium and the transitional dynamics.
(d) Why does faster technological progress lead to more rapid accumulation of human capital?
an automobile -manufacturing company is considering purchasing an industrial robot to do spot welding , which is currently done by skilled labor . the initial cost of the robot is $210,000, and the annual labor savings are projected to be $150,000
With the assumption that A=1, and the share of labor in the national income is 1/2. Also K=120 million dollars and L= 10 million units and saving rate = 35% and the depreciation rate is 10%. How many periods it will take this economy to reach the ..
Calculate the marginal propensity to consume after the change in the rate of savings for the following situation. 20 years ago the average savings rate was 20 percent of disposableincome. It is predicted that this would drop to 5 percent in lesstha..
Irvine Aerospace of Santa Ana, California, was awarded a 5 year contract to develop an advanced space capsule airbag landing attenuation system for NASA's Langley research Center. The company's computer system uses fluid structure interaction mode..
The marginal cost of operating a boat is $80,000 a month. Number of boats Value of cod caught (thousands of dollars per month) 0 0 10 2,000 20 3,400 30 4,200 40 4,400 50 4,000 60 3,000 70 1,400 a. What is the marginal private benefit of a fishing ..
The price of a good to be sold by a Monopoly is $0.50. The market has an elasticity of demand (n) of 5. a. What is the mark-up and what is the Marginal cost. What would this look like for a perfectly competitive market.
Summarize any recommendations you might make as to what should have been done differently, and why.
Include APA in-text citations in the body of your post and full references on the references list at the end.
Kenton Limited began retail operations on January 1, 2008. On that date it issued 10,000 shares of common stock for £50,000. On January 31, Kenton used £48,000 of the proceeds to rent a store, paying in advance for the next two years.
The price of a pie is now $11 how many pies are sold How many pies does each producer make How many producers are there How much profit does each producer earn c. Is this situation described in part (b) a long run-equilibrium
How will this affect the presentation?
Consider a seller who values a car at $9,500 and a buyer who values the same car at $10,000. What total surplus will result from a transaction between the two when the seller is faced with the following sales tax rates: 0%, 2%, 4%, 6%, and 8%
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