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Solow Diagram and Transition Paths. Assume that initially an economy is saving at a rate that exceeds its golden rule saving rate and that the economy is in a steady state equilibrium. Suppose that the economy reduces its saving rate towards the golden rule saving rate.
(a) Construct a Solow diagram that shows the effects on the steady state values of capital, output, and investment per effective worker.
(b) Does steady state consumption rise or fall? How do you know?
(c) Construct a transition path diagram that shows the effect of the reduction in the saving rate on capital per effective worker. You may do this by hand or you may use a computer.
(d) Construct a transition path diagram that shows the effect of the reduction in the saving rate on output per effective worker. You may do this by hand or you may use a computer.
(e) Construct a transition path diagram that shows the effect of the reduction in the saving rate on consumption per effective worker. You may do this by hand or you may use a computer.
As result government increases border patrols to catch illegal shipments. U.S. Customs agents perform DNA testing on the caviar to conclude
how many standard errors it is away from zero. If it is not very far from zero n we might ignore it; if it is far away from zero n we might consider it important. But how far is ‘far'.
Suppose that Lorena consumes only three different goods: steak knives, butter knives, and butcher knives. If, according to Lorena’s preferences, butter and butcher knives are inferior god, must steak knives be a normal good?
A small town is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Which firm is the more profitable in this market? Does the firm you identified as more pr..
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You will select any country that is considered developed and compare it with a nation that is developing. Illustrate what are social, economic and political differences that set them apart.
consider the problem of carbon dioxide emissions. we will abstract away from the problem somewhat assuming there are
South Korea can produce a maximum of 600 million toaster ovens or 900 million tons of rice per year. The U.S. can produce a maximum of 700 million toaster ovens or 1,000 million tons of rice per year.
Adjust the following graph to show the changes in the market between 2001 and 2002.
Which of the following represents investment, in the sense that economists use the word?
Molly needs 30 minutes to wash the car and 45 minutes to mow the lawn. Renee needs 1 hour to wash the car and 2 hours to mow the lawn. Which of the following statements is correct?
If you invest $1,000 today, how much will it be worth in 20 years? Assume that the money will grow at the interest rates: of 8% compounded semi annually during years 1-10, and 12% compounded quarterly during the remaining years.
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