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Suppose that an economy’s production function is cobb-douglass with CRS(Y=AK^α * L^1-α ) and α=.3
a. What fractions of income do capital and labor receive?
b. Suppose that labor force increases by 15 percent. How much does output increase or decrease by in percentage terms? The rental price of capital? The real wage?
c. Suppose that the capital stock decreases by 15 percent. How much does output increase or decrease by in percentage terms? The rental price of capital? The real wage?
d. Suppose that a technological advance raises the value of the parameter A by 15 percent. How much does output increase or decrease by in percentage terms? The rental price of capital? The real wage?
When do assumptions made in conjunction with economic theorizing have to be realistic. Can unrealistic assumptions provide useful outcomes.
The short-run production function is specified as follows: Q=F(K,L) but in reality they should be specified as: Q=F(K,L). Discuss and reconcile the abore specification?
Each of these two cash-flow series is equivalent to a third series, which is a uniform gradient series. What is the value of G for this third series over the same five-year time interval?
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