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Suppose the level of technology is constant. Then it jumps to a new, higher constant level.
a. How does this technological jump affect output per head, holding the capital-labor ratio constant?
b. Show the new steady-state equilibrium. What has happened to per capita saving and the capital-labor ratio? What happens to output per capita?
c. Chart the time path of the adjustment to the new steady state. Does the investment ratio rise during transition? If so, is this effect temporary?
At the minimum price, the quantity of powdered milk supplied is____ million units, the quantity demanded is_________ million units, and the excess supply is _______million units.
Jason's utility from consuming apricots and bananas is given byU(a,b)=2a+3b. Suppose Jason will spend $10 on fruit. If the pricesare pA=1 and pB=2, what is his optimal consumption of apricots and bananas
Explain how you could make a profit from this situation. What would be your profit per bushel of rice If other people exploit the same opportunity, what would happen to the price of rice in Japan and the price of rice of rice in the United States..
Using the midpoints formula presented in the text, calculate the elasticity coefficient for each price level, starting with the coefficient for the $4 to $6 level. For each coefficient, indicate what type of elasticity is indicated, elastic demand..
Chez Henri is a restaurant chain that operates in 40 different cities. It hired an economist to estimate the factors affecting the demand for its sales. The following equation was estimated using cross sectional data from each of its 40 restaurant..
assume that a firm acts as a price taker. regardless of the demandit sells each unit of its product for 5.a assume that
Which alternative would you choose and why? What additional information would help you make the best decision?
Now suppose that the gross national debt initially is equal to $2.5 trillion and the federal government then runs a deficit of $100 billion: i. What is the new level of gross national debt ii. If 100 percent of this deficit is financed by the sale o..
Explain how selected economic principles apply to the health care market and the provisions of health care services.
Can you rank the roles in order of importance? If yes, do so and explain your ranking. If you could not rank the roles, explain why. Is it because all roles are equally important?
On amazon.com, 45 percent of customers pay by American Express credit card. Suppose we have a sample of 5 customers, what is the probability that at least 4 will pay by American Express
Find the market price if the cost of quality v to a seller is c(v) = v/4.Find the market price if the cost of quality v to a seller is c(v) = 2v^3 Consider case b. and suppose the utility the buyer receives from a car of quality v is U(v).
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