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Consider an economy in a steady state with population growth rate n, a rate of capital depreciation Delta, and a rate of technological progress g(growth rate of y* in steady state).
1. At the steady state change in k tilda = 0, where k tilda equals capital per effective worker. What condition must be met for this to hold? Describe the condition in words as well as mathematical expressions.
2. Describe in words what is maximized at the Golden Rule level of k tilda.
3. What mathematical condition must be met at the Golden Rule level of k tilda?
while a decrease in price of pizzas rotates it rightward. How can we possibly speak systematically about people's preferences.
A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L^(1/2) K ^(1/3). Set up the profit function in terms of labor only. Another price taking firm chooses its i..
On October 1, Golshan paid $250,000 for a residential rental property. This purchase price represents $200,000 for the building and $50,000 for the land. Five years later, on June 25, she sold the property for $250,000. Compute the MACRS depreciation..
q1. how was de beers able to control the world price of diamonds over the past several decades even though it produced
Suppose a firm’s production function is given by Q = 2KL, where K is capital and L is labor. What is the marginal product of labor when 4 units of capital are employed? The marginal product of labor in the production of computer chips is 50 chips per..
Many economists argue as follows: “Because there is no long-run tradeoff between unemployment and inflation, there is no point in trying to shave the peaks and troughs from the business cycle.” This view suggests that we should not care whether the e..
Suppose that firm A and firm B can form a joint venture to pursue either or both of their R&D programs.
What is the most that Jo should be willing to pay the consultant for the information.
Explain what a slope of .5 would mean if you were measuring the relationship between consumer spending and income, where the dependent variable is consumer spending and the independent variable is income?
Elle is walking to work along a sidewalk next to a road. A truck owned by Fast Distribution Company (FDC) strikes and injures Elle, causing her injuries that result in more than $250,000 in medical expenses. Elle is a resident of Georgia, where the a..
Assuming the velocity of money is constant, nominal money supply is growing at 12 percent a year and real incomes are growing at 4 percent a year: What is the inflation rate in this economy? What would happen to the inflation rate if real incomes wer..
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2 . The turnover cost per labor is (0.36)/(w/p). Find real wage, employment, outp..
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