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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?
a consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts is ..
Now suppose a proportional tax with a 10 percent tax rate is imposed instead of the regressive tax. Calculate and graph the new consumption schedule, and note the MPC and the multiplier. GDP, Tax, percent DIs
Chell's demand function is P(ch) = 5-q(ch). Gordon's demand function is P(g)= 3-q(g). Draw the aggregate demand curve. What is the consumer surplus with the price is $2?
consider 2 countries avataria and twilightia which can be described by the solow model. avataria has a capital-labor
When preparing an informative or expository essay, it is important to identify multiple perspectives. Investigating all sides of a topic enables you to interpret a larger picture and prepare logical content. In Unit 3, you selected a topic questio..
An advisory group decided to investigate this claim, believing it was too large. A sample of 200 traffic accidents this year showed 74 persons were also involved in another accident within the last five years.
If an alternative has an advance payment of $100,000 upon contract award and then quarterly payments of $25,000 for the next 3 years, what would the cash flow diagram look like
A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 6.00 percent. This firm is earning $15.00 on every $150.00 invested by its founders. What is its percentage rate of return.
Due to its remoteness, Siberia can be considered as a closedeconomy. Recent data about its popula- tion movements indicate thatthe region suffered from a severe loss in its working agepopulation from 1995 to 2005.
Suppose the tax rate on the first $10K income is 0: 10% on the next $20K; 20% on the next $20,000; 30% on the next $30K; and 40% on any income over $80K. Family A has income of $40K and Family B has income of $100K.
How would your answer to part (b) change if only 1 out of 10 used cars was a plum?
Assume that a hypothetical economy with an MPC of .7 is experiencing severe recession. By how much would government spending have to increase to shift the aggregate demand curve rightward by $30 billion
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