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Suppose an economy has the following production function, Y=K^1/3 (AL)^2/3. Furthermore, suppose that that the growth rate of capital is 3%, the growth rate of the population is 4% and the growth rate of technology is 2%.
a. Derive the equation for the per capita production function.
b. Use growth accounting to determine the growth rate of aggregate GDP for this economy.
c. What is the growth rate of per capita GDP for this economy?
d. Suppose that the capital stock increased by 10%, how much would aggregate output increase by? What about per capita output?
e. Suppose that the level of technology increased by 10%, how much would aggregate output increase by? What about per capita output? Explain why it is different than in part d).
Consider two communities. In one community, ten families have incomes of $100,000 each and ten families have incomes of $20,000 each. In the other community, ten families have incomes of $200,000 each ten families have incomes of $22,000 each. In wh..
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Moral Hazard. A worker can choose either high or low level of effort. The cost of high level is 1, the low level does not cost anything. If the agent chooses the high (low) level, principal gets π with probability pH (pL) and zero otherwise. Find the..
Suppose GDP is $15 trillion, taxes are $3 trillion, private saving is $2 trillion, and public saving is -$0.5 trillion. Assuming this economy is closed, calculate consumption, government purchases, national saving, and investment. Explain your answer..
In the post war period, a country could increase the national saving rate and therefore: The depreciation rate in United State is about 4% and population growth rate is 0.9% in 2012 and the technology growth rate is 2.1%. According to the Solow model..
Suppose a firm’s technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
q1. consider a firm using a single variable input labor and a single fixed input capital. please explain what will
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Make a price quantity chart for each consumer. Then add a column showing the total quantity demanded for a private good. Next show the quantity price chart showing the total demand for a public good.
Which type of unemployment would be affected with the following changes? Would it go up or down? a. increased unemployment benefits b. heavy snowfall in Minnesota c. online job search becomes more effective d. a large, permanent decrease in the deman..
Elucidate how much the money supply will rise in response to a new cash deposit of $500 by completing the accompanying table.
If the price of peanut butter were to increase, what would likely happen to the demand for jelly? a. The demand for jelly would increase—the demand curve would shift right. b. The demand for jelly would decrease—the demand curve would shift left. c. ..
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